BYD
BYD Seal
Words from the general director of BYD, a company that recorded a sharp drop in electric vehicle sales. Tesla is once again leading in this segment.
The Chinese car manufacturer BYD registered a 42% drop in salesbetween January and March, compared to the last quarter of 2023, allowing the North American Tesla regains leader title in the vehicle market electrical.
A weak demand and increased competition in the Chinese market reduced BYD’s sales to 300,114 electric vehicles in the first quarter of the year, according to the report sent on Monday to the Hong Kong Stock Exchange.
The company based in Shenzhen, southeast China, overtook Tesla in electric vehicle sales in the last quarter of 2023, when it sold 526,409 cars, compared to 484,507 sold by Tesla, between October and December.
Tesla announced on the same day that it sold 386,810 cars in the first three months of 2024, below the expected 450,000, but more than its Chinese rival.
By including hybrids along with pure battery and hydrogen powered cars, BYD recorded a quarterly sales volume of 626,263 units, an increase of 13% compared to the same period last year. It was the slowest pace of sales growth since the second quarter of 2022.
But Tesla is also under greater pressure due to increased competition and its aging product line, something that could see BYD overtake it again in electric vehicle sales in the coming months.
A Tesla has suffered a slowdown in China, the world’s largest electric vehicle market, where it faces increasing competition from local rivals, many of which continue to lower prices and introduce new models.
Chief Executive Elon Musk has already warned that growth during 2024 would be “notably lower” than last year’s levels.
Although Tesla’s sales growth has been driven by its Model 3 and Model Y cars, the group is not expected to launch its next model before the end of 2025.
The pager
A BYD reduced prices of almost all models in its range since the beginning of the year under the motto “the electricity is cheaper than oil“, followed by its competitors including Geely and SAIC-GM-Wuling, as the price war intensifies in the world’s largest electric vehicle market.
Li Yunfei, general director of brand and public relations at BYD, said in a recent social media post that the company faces “a big confrontation with gasoline cars.”
“Buying a gasoline car right now is like buying a pager when cell phones are already available“, said Li, when the group launched a new version of the brand’s two hybrid models with a starting price of 79,800 yuan (more than 10,000 euros).
BYD’s initiative comes at a time when there are signs of slowing demand in the Chinese economy. Data from the China Passenger Car Association showed that Chinese sales of pure battery cars and hybrids, which the government considers “new energy vehicles,” rose 36% last year, down from a 96% increase. in 2022.
Cui Dongshu, secretary-general of the industry body, projected a 22% increase in Chinese sales in 2024.
By gaining a head start with its fully vertically integrated supply chain, BYD now faces competition not only from traditional automakers and emerging electric vehicle companies, but also from big technology companies that are trying to take a share. of the huge Chinese market, such as Huawei and Xiaomi.
O Chinese market represented more than 90% of the company’s total sales BYD. Although China is Tesla’s largest market outside the US, the country contributed 22% of its total revenue during its most recent fiscal year.
In Portugal
Here, the electric and hybrid vehicles surpassed combustion carsin sales recorded in the first quarter of this year.
Among the 68 thousand new vehicles in circulation (a 13.1% increase in sales), 51.5% of new registered passenger cars were electric and hybrid, the Portuguese Automobile Association announced this Monday.
Data shared by Diário de Notícias reveals that 16% of new passenger cars were 100% electric.
The brand that leads new sales in Portugal is Peugeot, followed by Renault.
