BYD sold a higher number of 595,413 passenger BEVs in the fourth quarter, marking the second time it has overtaken Tesla in the BEV market after the fourth quarter of 2023.
Tesla (NASDAQ: TSLA) saw record global deliveries in the fourth quarter, but fell short of Wall Street's expectations, and full-year 2024 deliveries saw a rare decline.
The US electric vehicle (EV) maker delivered 495,570 vehicles in the fourth quarter, missing analysts' expectations of 512,277 in a Bloomberg survey, according to data released today.
That's up 2.28 percent from 484,507 in the same period in 2023 and up 7.06 percent from 462,890 in the third quarter.
Tesla's less expensive Model 3 sedan and Model Y crossover delivered a total of 471,930 units in the fourth quarter, below market expectations of 484,575 units.
Other vehicles, including the Model S, Model X, and Cybertruck, delivered 23,640 units in the fourth quarter.
For the full-year 2024, Tesla delivered 1,789,226 vehicles globally, down 1.07 percent from 1,808,581 in 2023, the first decline in more than a decade.
The Model 3 and Model Y delivered 1,704,093 vehicles in all of 2024, while 85,133 other models were delivered.
Tesla produced 459,445 vehicles in the fourth quarter, with 436,718 Model 3 and Model Y units combined and 22,727 other models.
For the full year 2024, Tesla produced 1,773,443 vehicles, including 1,679,338 Model 3 and Model Y units, and 94,105 other models.
Tesla vs BYD
Weak growth resulted in Tesla being overtaken again by BYD (HKG: 1211, OTCMKTS: BYDDY) in the BEV market in the fourth quarter.
BYD released figures yesterday showing it sold 595,413 passenger battery electric vehicles (BEVs) in the fourth quarter, up 13.11 percent year-on-year and up 34.28 percent from the third quarter.
This is the second time BYD has overtaken Tesla in the BEV market, following the fourth quarter of 2023.
Tesla only produces BEVs, while BYD also produces plug-in hybrid electric vehicles (PHEVs).
Including BEVs and PHEVs, BYD sold 1,513,969 passenger new energy vehicles (NEVs) in the fourth quarter, up 60.61 percent year-on-year and up 34.07 percent from the third quarter.
For the full year 2024, BYD sold 1,764,992 passenger BEVs worldwide, close to Tesla's 1,789,226.
BYD's sales came mainly from its home market in China. It sold 119,323 NEVs in overseas markets in the fourth quarter, accounting for only about 8 percent of all NEV sales, including commercial vehicles, in the quarter.
For Tesla, China is its second largest market after the US. It has a plant in Shanghai that produces the Model 3 and Model Y, both for deliveries to local customers and as an export hub for it.
In the January-November period, Tesla delivered 574,175 vehicles in China, up 8.77 percent year-on-year, according to data compiled by CnEVPost. Data for December is not yet available.
Tesla will report its fourth quarter 2024 financial results on Wednesday, January 29 after market close on Wednesday, January 29.
Its management will host a live question-and-answer webcast that afternoon at 4:30 pm US Central Time (5:30 pm US Eastern Time) to discuss the company's financial and business results and outlook.
BYD sells record 514,809 NEVs in Dec, full year 2024 sales reach 4.27 million
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