Top EV Carmakers By Sales In Q1 2024: Tesla Vs. BYD
In the first quarter of 2024, Tesla once again dominated the sales of all-Electric cars, surpassing BYD, which had previously won in Q4 2023. The global sales results for battery-electric cars (EVs) were analyzed for three automotive groups: Tesla, BYD, and Volkswagen Group.
In Q1 2024, Tesla delivered 386,810 all-electric cars, a 9% decrease from the previous year. Despite this decline, Tesla remained the top seller of EVs. BYD saw a slight growth of 13% year-over-year, reaching 300,114 EVs in Q1. This narrowed the gap between BYD and Tesla compared to the previous year.
Volkswagen Group also struggled in the passenger all-electric car market, with a 3% decrease from the previous year, totaling 136,136 units sold in Q1. Without substantial growth, Volkswagen Group might be surpassed by SAIC and Geely-Volvo, as these Chinese groups had already outpaced Volkswagen Group in all-electric car registrations.
In 2023, Tesla sold over 1.80 million all-electric cars, BYD sold more than 1.57 million, and Volkswagen Group sold around 0.77 million units. The growth rate in the EV industry is expected to be lower in 2024, potentially leading to a close competition between Tesla and BYD.
The future outlook for the EV industry remains uncertain, as price wars impact margins and growth rates slow down. BYD may surpass Tesla in sales, but the outcome cannot be predicted with certainty.
Upgraded Model 3 is now available in North America → https://t.co/z1zvMWV1aK pic.twitter.com/WtNU27SYOk
— Tesla (@Tesla) January 10, 2024