Tesla is by far the most well-known Electric Car brand in the world. And while other brands have come with new fully EV models to take on Tesla, they haven’t achieved the goal of beating Tesla in their own game. However, Chinese car manufacturer BYD is taking on the challenge and gaining in on Telsa in worldwide EV sales. Keep on reading to discover how both of these car brands did over the last 12 months!
Tesla’s Sales Dipped for the first time In over a decade
During Q4 of 2024, Tesla delivered 495.000 vehicles, a record number, but they missed analyst’s expectations. This lead to a 5% share price drop. Even though Q4 was a record quarter, the total yearly sales dipped 1%, which might not seem significant, but it is the first time in over a decade that the sales of Tesla have dipped!
One of the main reasons for the dip is the increased popularity of the Chinese EV brand BYD. The Chinese demand for Tesla cars has lowered, leading to a yearly sale of 1,79 million vehicles. The BYD cars are cheaper and became more popular in multiple regions, leading to 1,76 million EVs sold in 2024. However, the total amount of cars sold by BYD, including hybrids, soared 41% to over 4,2 million cars! Most of these were sold in China.
In Q4 2024, Tesla delivered a record 495,000 vehicles, but missed analysts’ expectations, leading to a 5% share price drop. Demand softened in the US and Europe, and Tesla lost ground in China’s ongoing price war.
BYD is Facing Its Own Challenges!
BYD is one of the fastest growing EV manufactures in the world and has taken the world by storm. However, with multiple companies imposing tariffs on Chinese-made EVs, BYD had to face some challenges themselves, too. For example, factory construction in Brazil was halted over labor violations, delaying the possibility of manufacturing the cars closer to the US. This poses challenges for the overseas expansion of BYD’s presence in the global EV car market!
The overall demand for EVs in the US and in Europe has softened, so the competition has become more fierce in these regions.
