Chinese electric vehicle (EV) manufacturer BYD has overtaken its US rival Tesla in fourth-quarter deliveries, achieving a new milestone. From October to December 2024, BYD delivered 595,413 EVs, outpacing Tesla, which delivered 495,570 units.
BYD’s rapid growth
BYD’s EV sales rose 13.1% in Q4 compared to the previous quarter, while Tesla’s sales increased by 5%. The strong performance of Chinese automakers highlights their growing dominance in the global EV market.
For the full year, BYD delivered 1.76 million EVs, narrowly trailing Tesla’s total of 1.79 million. When accounting for all vehicle types, including plug-in hybrids and buses, BYD delivered an impressive 4.27 million units in 2024.
Tesla faces slowing growth
Tesla reported a 1.1% decline in overall sales for 2024 compared to 2023, despite slight growth in Q4. The company attributed the slowdown to increasing competition in key markets like China and a transitional phase “between two major growth waves.”
The futuristic Cybertruck made notable strides in 2024, but Tesla has faced growing pressure to introduce more innovative vehicles. Its October launch of autonomous robotaxi vehicles garnered mixed reactions, underscoring challenges in maintaining its technological edge.
The EV battle heats up
Tesla and BYD remain locked in tight competition for global EV market leadership, with Tesla maintaining a slight edge in annual EV sales. However, BYD’s aggressive growth trajectory and diversification into hybrid and commercial vehicles signal intensifying rivalry in the industry.