BYD Co., Ltd. (OTC:BYDDY) is set to surpass Tesla, Inc. (NASDAQ:TSLA) in battery electric vehicle (BEV) sales in 2024, indicating a shift in the global EV market. A Counterpoint Research report highlights that China, leading the BEV market, is projected to quadruple North America’s sales by 2024.
BYD saw a 21% increase in Q2 sales, totaling 426,039 EVs, while Tesla’s Q2 deliveries declined 4.8% to 443,956 vehicles. BYD’s total production, including hybrids, exceeded 3 million vehicles last year, outpacing Tesla’s 1.84 million.
China is expected to maintain over 50% of global BEV sales until 2027, surpassing North America and Europe combined by 2030. Europe and the U.S. are anticipated to become significant growth drivers from 2025.
The EU plans to impose additional tariffs on Chinese EV companies, with BYD facing a 17.4% tariff. This may push Chinese automakers toward emerging markets.