Beijing (TDI): The number of electric vehicles produced by Chinese new-energy vehicle (NEV) maker BYD surpassed that of US automaker Tesla in 2024, according to the two firms’ latest financial reports.
In terms of EV sales, BYD’s gap with Tesla narrowed to within 30,000 units last year.
This reveals the increasing competitiveness of Chinese NEVs and their popularity in international markets, which is based on technological advances and supply-chain advantages, analysts said.
In 2024, Tesla sold 1.79 million vehicles, according to a financial report it released on Thursday.
This was down 1.1% from its deliveries in the previous year, the first such drop the company has reported since 2015, Global Times reported.
In the meantime, Chinese automaker BYD sold 1.77 million EVs in 2024, up 12.08% year-on-year.
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That means Tesla still retained the title of the world’s top selling EV brand last year, but the gap with BYD was less than 30,000 vehicles, compared with more than 220,000 in 2023.
In the fourth quarter of last year, Tesla reported sales of 495,570 EVs, which was far behind BYD’s international deliveries of nearly 600,000 EVs in the same quarter.
Previously, BYD surpassed Tesla in EV sales for the first time in the fourth quarter of 2023.
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In the third quarter of 2023, BYD also beat it in revenue for the first time.
With regard to EV production, Tesla produced 1.77 million EVs last year, while that of BYD was slightly higher at 1.778 million units.
