BYD returns title of top electric vehicle seller to Tesla after first-quarter sales decline | World News | Trending Viral hub

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BYD

BYD sold 626,263 units of all vehicle types in the first quarter, up 13.4 percent from a year earlier.

BYD, China’s largest electric vehicle (EV) maker, reported that first-quarter 2024 sales fell 43 percent compared to the fourth quarter of 2023, returning the title of the world’s largest electric vehicle seller to Tesla. after winning it last year.

BYD sold 300,114 electric vehicles in the first quarter of this year, it said in a filing to the Shenzhen Stock Exchange late on Monday, down from the record quarterly record of 526,409 units sold in the previous three-month period, when it surpassed to Tesla. BYD’s first-quarter sales rose 13.4 percent from a year earlier.

But BYD’s quarterly decline means Tesla regained the sales title based on Tesla’s first-quarter deliveries of 386,810, a decline of 20.2 percent from the previous quarter and 8.5 percent from a year earlier. .

Tesla’s decline comes amid weaker overall demand and a slowdown in the Chinese market, where local rivals led by BYD have upped the ante in a price war for buyers. Tesla sold 89,064 Chinese-made vehicles in March, up 0.2 percent from a year earlier, data from the China Passenger Vehicle Association showed on Tuesday.

However, Tesla’s regaining the sales crown illustrates that its global influence will not be easily challenged, especially as both companies expect a slowdown in electric vehicle sales growth in China this year. It also shows that BYD’s brief dominance was due to its internal price cuts.

BYD sold 626,263 units of all vehicle types in the first quarter, up 13.4 percent from a year earlier, but down 33.7 percent from a quarterly record of 944,779 in the fourth quarter, the filing showed. the stock market.

March sales were 302,459 vehicles, a 46 percent increase from a year ago and its second-highest monthly sales figure. BYD reported an all-time monthly high of 341,043 units in December.

Sales of its purely electric models reached 139,902 in March, a year-on-year increase of 36.3 percent, while sales of plug-in hybrids rose 56.4 percent to 161,729 units.

BYD has responded since February to the price war that Tesla started early last year in China by reducing the prices of the latest versions of its line by between 5% and 20% compared to previous iterations.

Last week, BYD set a sales target of 3.6 million units by 2024, a 20 percent increase from its record sales last year, Reuters reported, citing sources.

First published: April 3, 2024 | 00:07 IS

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