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Chinese automaker BYD reported a 21% increase in vehicle sales in the second quarter of 2024, narrowing the gap with Tesla, after losing the lead in global electric vehicle (EV) sales to its US rival in the first quarter of 2024.
BYD is expected to sell 426,039 EVs in the second quarter of 2024, according to Reuters calculations based on monthly sales reports. That is about 12,000 fewer than Tesla's estimated sales.
Tesla is expected to report a 6% drop in sales in the second quarter of 2024, marking the first time it has seen sales declines for two consecutive quarters, due to fierce competition in China and sluggish demand due to a lack of affordable new models.
Tesla could lose its top spot in EV sales to BYD again if actual results come in below estimates, with Barclays estimating Tesla's second-quarter 2024 sales to fall 11%, an unprecedented decline.
Tesla’s sales have slowed after years of rapid growth that helped it become the world’s most valuable automaker. In January 2024, the company warned that sales growth would be significantly lower in 2024 as the momentum from months of price cuts faded.
The EV maker has cut production of its best-selling Model Y at its Shanghai plant by double digits from March 2024 to cope with falling demand in China, its second-largest market after the United States.
Meanwhile, BYD, a leading competitor in China, maintained steady EV sales growth.
