Tesla Bounces Back on Top of EV Business despite Deliveries Decline

BYD sent its title as the world’s biggest EV seller back to Tesla after it reported a 43% drop in 1Q24 sales, though the US EV giant also encountered a somewhat similar trend.

BYD’s EV sales dropped 43% QoQ from 526,409 units in the fourth quarter last year to 300,114 units in 1Q24, leading to a larger sales regression compared to a drop in Tesla’s deliveries, as the figure is the closest approximation of sales reported by the company.

Tesla reported a 20.2% QoQ drop in 1Q24 vehicle deliveries from 484,507 units in 4Q23 to 386,810 units, following slower overall demand and a sluggish Chinese market where local competitors such as BYD went up against the US giant by commencing a price war for buyers.

The fact that Tesla got back on top as the world’s biggest EV seller indicated its toughness on a global scale amid the expectations from both EV giants that Chinese EV sales growth would slow down in 2024.