English 
Spanish 
3 min read
0 comments
BYD challenges Tesla in the global electric vehicle market, forecast to overtake it by the end of 2024. The battle between the industry giants is fierce, with China emerging as the dominant force
In 2023, BYD surpassed Tesla in electric vehicle volume in the fourth quarter, but Tesla regained the lead in the first quarter of 2024. In the second quarter of 2024, Tesla maintained its lead, delivering 443.956 electric vehicles, while BYD sold 426.039 units, a 42% increase from the previous quarter, but still insufficient to overcome the American competitor, according to the Electrek website.
However, a recent report from Counterpoint Research suggests that BYD could steal Tesla's crown by the end of 2024. “This shift underscores the dynamic nature of the global electric vehicle market,” the report states, highlighting China as the main driving force in the market.
China: The power of electric vehicles
China is consolidating itself as the largest electric vehicle market in the world, with sales in 2024 are expected to be around four times greater than those in North America. By 2027, China is expected to hold 50% of global electric vehicle sales, and by 2030, Sales in the country should surpass those in Europe and North America combined.
- Be careful! Five reasons why you shouldn't change your car NOW!
- It looks like a truck, but it's your dream pickup truck! Ford F-150 arrives in Brazil and surprises everyone with its power, size and competitive price, all in one
- Automaker launches 500 hp electric pickup truck with solar charging to end Tesla and BYD's reign!
- Honda and Yamaha, get ready! Costing less than R$20.000, the new national motorcycle arrives as a new option with affordable prices and advanced technology
O robust growth of the Chinese market could be a game-changer for BYD, allowing it to overtake Tesla as the world's largest electric vehicle maker.
BYD Global Expansion
BYD is rapidly expanding its product line to compete in diverse segments, from low-cost vehicles to luxury supercars. Models like the BYD Dolphin and the Atto 3 have stood out in the market, and the company recently launched the Sea Lion 07, an electric SUV with a starting price of 189.800 yuan (about US$26.250), which directly competes with Tesla's popular Model Y.
Furthermore, BYD is exploring new international markets. On July 4, 2024, the company will open its first factory in Thailand, a strategic market that seeks to have 30% of electric vehicles by 2030. BYD is also in talks to establish a large factory in Mexico, where it launched its first pickup truck, the Shark PHEV, in May this year.
Tariff in the European Union and market strategy
The European Union's recent decision to impose new tariffs on Chinese electric vehicles puts BYD in a challenging position. However, the company was less affected, with a tariff of 17,4%, while others, such as SAIC, face tariffs of 38,1%. BYD hopes to overcome this hurdle as some of its models are more profitable in Europe than in China.
Bet on the luxury and supercar segments
BYD is not limited to low-cost vehicles. The company is investing in luxury and supercar segments, such as the Yangwang U9, which was recently seen testing at the famous Nurburgring circuit.
The battle for the title of largest electric vehicle manufacturer in the world is far from being decided. With robust growth in China and aggressive expansion into new markets, BYD has the potential to surpass Tesla by the end of 2024. The evolution of this confrontation between giants will be closely monitored, with significant impacts on the global electric vehicle market.
What do you think? Will BYD be able to overtake Tesla and become the world leader in electric vehicles? Leave your opinion in the comments below!
