Tesla Sales Fell in Q1 2024, but BYD’s Fell Harder 📉
What we’re showing
Quarterly sales data for BYD and Tesla, the world’s two largest BEV (battery electric vehicle) makers.
BYD’s short-lived victory
China’s BYD made waves for surpassing Tesla in Q4 2023, prompting many to believe that the once dominant EV king would fall further behind in 2024.
However, figures for Q1 2024 are now out, and they reveal a dramatic 43% decline in BYD sales from the previous quarter. Meanwhile, Tesla reported a slightly less painful 20% drop in sales.
The EV price war is far from over
As EV sales in key markets like China and the U.S. continue to slow, BYD responded to Tesla’s price cuts with its own round of discounts in Feb. 2024.
BYD’s cheapest BEV, the Seagull, now starts at 69,800 yuan ($9,700). Meanwhile, the Yuan Plus (BYD's Model Y competitor) starts at 119,800 yuan ($16,000).
Further cuts from these EV giants spells trouble for less established startups like Rivian and Fisker, which are already struggling with profitability.