BYD's BEV market share is set to surge in 2024, the year it is expected to overtake Tesla in BEV sales. This shift underscores the dynamic nature of the global EV market, said Counterpoint.
BYD (HKG: 1211, OTCMKTS: BYDDY) is expected to overtake Tesla (NASDAQ: TSLA) in battery electric vehicle (BEV) sales this year, as the quarterly gap between the two narrows.
"BYD's BEV market share is set to surge in 2024, the year it is expected to overtake Tesla in BEV sales," market researcher Counterpoint Research said in a July 2 report.
"This shift underscores the dynamic nature of the global EV market," Counterpoint added.
BYD has seen rapid growth in sales of new energy-vehicles (NEVs) -- including BEVs and plug-in hybrid electric vehicles (PHEVs) -- over the past few years, becoming the world's largest NEV maker.
The Chinese car maker ceased production and sales of cars powered entirely by internal combustion engines in March 2022, switching to focus on the production of PHEVs and BEVs.
Currently about half of BYD's sales are BEVs and the other half are PHEVs, while Tesla only produces BEVs.
In the fourth quarter of 2023, BYD's BEV sales surpassed Tesla's for the first time, with 526,409 and 484,507 units respectively.
However, Tesla regained the top BEV sales spot in the first quarter of this year with 386,810 units sold, 86,696 more than BYD's 300,114 units.
Just in the second quarter, BYD continued to come in below Tesla in BEV sales, but the gap narrowed dramatically.
Tesla delivered 443,956 vehicles in the second quarter, according to figures it released yesterday. That's 17,917 vehicles higher than BYD's passenger car BEV sales of 426,039 vehicles in the second quarter.
BYD's NEV sales are more than twice as high as Tesla's when PHEVs are included.
Counterpoint expects global BEV sales to reach 10 million units in 2024, marking a significant achievement for the global passenger vehicle market.
China remains the dominant force in the BEV market and is expected to sell four times as many BEVs as North America by 2024, Counterpoint said.
In addition, China will maintain more than 50 percent of global BEV sales by 2027 and is expected to sell more BEVs than North America and Europe combined by 2030, according to the report.
Starting in 2025, Europe and the US will begin to be the main growth drivers, Counterpoint said.
China sold 7.75 million passenger NEVs in 2023, including 5.15 million BEVs and 2.6 million PEHVs, according to the China Passenger Car Association (CPCA).
Notably, in China, PHEV sales are growing at a significantly higher rate than BEVs, as they grow 83.08 percent and 21.29 percent year-on-year, respectively, in 2023.
In the first five months of the year, China sold about 3.25 million passenger NEVs, up 34.46 percent year-on-year, according to data compiled by CnEVPost.
BEVs sold 1.93 million units in the first five months, up 17.32 percent year-on-year, and PHEVs sold 1.32 million units, up 69.97 percent.
BYD sells record 341,658 NEVs in Jun, PHEVs hit another record high
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