BYD was the automaker that sold the most electric cars in the last quarter of 2023, surpassing Tesla. At the beginning of 2024 the scenario changed. Elon Musk’s company managed to take the lead again, at least until March.
Tesla sold more electric cars than BYD
- Tesla surpassed BYD in electric car sales in the first quarter of 2024.
- In numbers, Tesla sold 386,000 electric vehicles globally, compared to around 300,000 for BYD.
- Still, the company’s sales were below expectations.
- Tesla also had at least 46,000 more cars in stock, which indicates a drop in demand (there were generally shortages of units due to strong demand).
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According to the company’s earnings report released this Tuesday (2), sales in the first quarter of 2024 fell 9% compared to the same period of the previous year. The result marks the first major drop in Tesla’s quarterly sales since the second quarter of 2020, a period in which the automotive market began to feel the effects of the pandemic.
What Tesla says
The company cited problems such as the conflict in the Red Sea and delays caused by the arrival of the new generation of Model 3 as reasons that contributed to the drop in sales.
It is still too early to say whether Tesla will continue to be at the forefront of global electric vehicle sales. As the segment is one of the busiest, BYD may regain the lead with new expansion and sales strategies.
It is worth noting that BYD also produces hybrid cars, unlike its rival. Considering sales of electrified vehicles (electrics and hybrids), the Chinese automaker sold more than 626,000 cars globally in the first quarter.
