Tesla is back in the driver’s seat. After BYD stole the show in Q4 2023, Tesla bounced back in Q1 2024, selling the most electric cars globally. It wasn’t even close – Tesla significantly outsold BYD this quarter.
Hold on a second, though, because the race might be getting tighter. While we’ll have to wait and see, experts predict Q2 could be a much closer call between these two electric car giants.
One thing’s for sure: the entire EV market seems to be hitting a bit of a speed bump. Despite the overall growth in electric car sales, the biggest players in the industry – Tesla, BYD, and Volkswagen Group – didn’t see significant growth themselves. In fact, Tesla and Volkswagen even saw sales decline compared to last year, while BYD’s growth was slower than usual. Let’s see what Q2 brings.
Tesla Cruises Past BYD (For Now), But the Race Tightens
Tesla held onto the electric car crown in Q1 2024, delivering 386,810 vehicles globally. That’s a 9% dip from the previous year, but still enough to edge out their rivals.
BYD, however, is hot on Tesla’s heels. They saw a 13% year-over-year increase in sales, reaching 300,114 EVs. This surge nearly halved the gap between BYD and Tesla compared to Q1 2023. Experts predict BYD’s growth will continue, potentially putting them neck-and-neck with Tesla in the coming quarter.
Meanwhile, Volkswagen Group seems to be stuck in neutral. Their Q1 sales of 136,136 EVs were slightly down from last year, and only represent a third of Tesla’s volume. Unless they pick up the pace, Chinese automakers SAIC and Geely-Volvo (who already outsold them in February) could zoom past them in the electric car race.
Here’s a quick breakdown of the numbers:
- Tesla: 386,810 EVs (down 9%)
- BYD: 300,114 EVs (up 13%) – Nearly 80% of Tesla’s total
- Volkswagen Group: 136,136 EVs (down 3%) – Only 35% of Tesla’s total
The competition in the electric car market is fierce and the lead could easily change hands in the coming quarters.
