Summary
- BYD and Tesla released their latest annual sales figures for electric vehicles, with BYD’s BEV sales figures only slightly less than Tesla’s in 2024
- BYD leads in plug-in vehicle sales, selling 4,272,145 vehicles in 2024, up 41.1% year on year
- Tesla and BYD’s BEV sales in 2024 were sluggish, with Tesla’s sales down 1% year on year and BYD’s sales up 12%
- BYD saw a sharp increase in PHEV sales in 2024, with 58% of total sales being PHEVs
- Both companies are gearing up for more affordable models to boost sales, with a focus on autonomous driving and expanding into new markets.
Article
In the latest annual sales figures, Tesla leads in battery electric vehicle (BEV) sales, but BYD is closing in with a strong performance in Q4 2024. BYD sold 1,764,992 BEVs in 2024, only 24,234 vehicles behind Tesla’s 1,789,226 BEV sales. The competition between the two top electric vehicle companies is getting tight, with BYD selling close to 600,000 fully electric vehicles in Q4 compared to Tesla’s 495,570. BYD’s growth in BEV sales is evident as it approaches Tesla’s numbers.
BYD takes the lead in plugin vehicle sales, with 4,272,145 vehicles sold in 2024, marking a 41.1% increase year on year. It’s important to note that Tesla only sells BEVs, while BYD also offers plugin hybrids. In terms of BEV sales in 2024, Tesla experienced a 1% decrease from the previous year, while BYD saw a 12% increase. The market presence of both companies differs, with Tesla having a larger market in Europe and the USA, while BYD primarily sells in China.
The shift in BYD’s vehicle sales in 2024 saw a significant increase in plugin hybrid electric vehicles (PHEVs), which accounted for 58% of total sales. This contrasts with 2023, where BEVs had a higher share at 52.3%. The rise in PHEV sales can be attributed to the launch of new models and a campaign highlighting the cost-effectiveness of PHEVs compared to traditional internal combustion engine vehicles. With plans to introduce PHEVs in new markets in 2025, BYD aims to further expand its presence globally.
In the EV market, there is a growing trend towards longer range PHEVs, with some models offering electric ranges above 150 km. While PHEVs may face criticism as a transition option to full electric vehicles, they remain appealing in markets with limited charging infrastructure. As Chinese automakers like BYD prepare to increase exports, there may be a rise in PHEV exports to emerging markets where charging infrastructure is still developing, catering to non-early adopters.
Tesla and BYD are both focusing on releasing more affordable models to boost sales and accelerate the transition to electric vehicles. Tesla plans to introduce affordable models this year, while BYD is also ramping up production of its budget-friendly models like the Seagull. Both companies are expected to make significant contributions to the EV industry in 2025, driving the shift towards fully electric vehicles. With the continuous innovation and competition in the EV market, the future of transportation looks promising with increased adoption of cleaner technologies.
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