BYD, the leading Chinese automaker, has outperformed Tesla in global electric vehicle deliveries for four consecutive quarters. Despite experiencing a decline in total sales for the first time in 18 months in September, BYD’s quarterly sales still surpassed those of its American competitor. Reports from U.S. financial media suggest that BYD is on track to exceed Tesla’s annual electric vehicle deliveries for the first time this year, having sold nearly 390,000 more electric vehicles than Tesla in the first nine months.
However, Tesla also achieved a record high in sales last quarter. Both companies face challenges ahead. BYD’s growth momentum in the domestic market is slowing, and company executives are increasingly concerned about fierce competition within China’s automotive sector. On the other hand, the Trump administration has gradually phased out federal tax credits for electric vehicle purchases, making it difficult for Tesla to replicate its previous quarter’s strong performance.
China currently holds the title of the world’s largest automotive market, yet Beijing is attempting to curb cutthroat competition within the industry. Since the beginning of 2023, price wars among domestic manufacturers have intensified. Faced with this competitive pressure, BYD reported an unexpected 30% drop in quarterly profits at the end of August. Consequently, the company revised its sales target for the year to 4.6 million pure electric and plug-in hybrid vehicles, nearly 1 million fewer than its original goal.
Meanwhile, Tesla is grappling with its second consecutive year of declining annual sales. Despite selling 497,099 vehicles in the third quarter, its sales for the first nine months of the year have decreased by nearly 6%. With the $7,500 federal tax credit expiring at the end of September, there are widespread concerns about Tesla’s diminishing appeal in its largest market, the United States.
According to a survey by Bloomberg News, analysts predict that BYD will significantly outpace Tesla in sales this year. BYD is expected to sell around 2.17 million pure electric vehicles, while Tesla’s sales are estimated to be only about 1.61 million.
Original article by NenPower, If reposted, please credit the source: https://nenpower.com/blog/byd-surpasses-tesla-in-global-electric-vehicle-sales-for-four-consecutive-quarters-poised-for-yearly-lead/
