BYD posted a 21% increase in electric vehicle sales in the second quarter of 2024, closing the gap with Tesla after handing back the title of the world’s top EV seller to its U.S. rival in the first quarter.
According to a Reuters report, the Asian brand sold 426,039 electric vehicles in the April-June quarter.
This is nearly 18,000 fewer vehicles than Tesla’s vehicle deliveries in the second quarter, but much less than the difference of more than 86,000 in the previous quarter.
Tesla’s second-quarter deliveries fell 4.8%, less than expected, to 443,956 vehicles on Tuesday, but it was still the first time the U.S. firm posted two consecutive quarters of declines.
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Outlook in Asia
Tesla’s sales of China-made electric vehicles in June fell 24.2% from a year earlier to 71,007, according to data from the China Passenger Car Association (CPCA), extending a year-on-year decline for a third month.
Tesla has hit a bump after years of rapid growth that helped it become the world’s most valuable automaker.
It warned in January that delivery growth in 2024 would be “markedly lower” as momentum from months-long price cuts faded.
The electric vehicle maker has cut production of its best-selling electric car, the Model Y, by a double-digit percentage at its Shanghai plant since March to address weakening demand for its older models in China, its second-largest market after the United States, Reuters reported in May.
In comparison, its main Chinese competitor, BYD, maintained steady growth in electric vehicle sales, while emerging companies such as Nio, posted accelerated growth last quarter.
