BYD Poised to Overtake Tesla in Battery EV Sales in 2024

A recent report from Counterpoint Research indicates that Chinese electric vehicle manufacturer BYD is on track to surpass Tesla in battery electric vehicle (BEV) sales this year. While BYD outperformed Tesla in total production last year, it ceded the top EV vendor position to the U.S. company in the first quarter of 2024. The report highlights a significant shift in the global EV market dynamics, with BYD's BEV sales soaring nearly 21% year-on-year in the second quarter, totaling 426,039 units. China continues to dominate the BEV market, with BYD leading the charge. Counterpoint forecasts that the country will maintain over 50% of the global BEV market share until 2027, with projections suggesting that Chinese BEV sales will exceed the combined totals of North America and Europe by 2030. This growth underscores China's pivotal role in the electric vehicle landscape. However, BYD and other Chinese automakers face new challenges due to the European Union's recently imposed tariffs on Chinese EVs, which aim to support local manufacturers struggling against lower-priced imports. BYD will incur an additional 17.4% tariff, while Geely will face a 20% duty. These tariffs may drive Chinese companies to explore emerging markets in regions such as the Middle East, Africa, and Southeast Asia. As global BEV sales are expected to reach 10 million in 2024, the decline of internal combustion engine vehicles continues, marking a significant transition in the automotive industry.