If 2023 was the scene of a tense clash between Tesla and BYD for the world’s number one spot in electric car sales, 2024 seems to be even more intense. The figures for June (and the first half of the year) have just been released, and BYD is announcing figures showing a nice increase… even if Tesla remains ahead by a short head.
Tesla may remain in the minds of many French people as the undisputed leader in electric vehicles, but Chinese competition is fierce. The American brand has certainly remained the leader in 2023 (in particular thanks to the performance of the Model Y), but it was overtaken in the last quarter by BYD, its sworn enemy.
Enough to predict an even bloodier 2024… and one that doesn’t disappoint us. BYD’s June figures (thus allowing access to those for the second quarter and first half of 2024) have just been published by CnEVPostand they are remarkable.
A record month of June
BYD thus had a record month of June, with 341,658 “NEVs” (including plug-in hybrids and electrics) sold in one month. Enough to narrowly surpass the previous record of 341,043 sales set in December 2023, obtained through special circumstances, where salespeople were encouraged to make great discounts to reach the year’s objectives, and to show an increase of 35.02% compared to June 2023.
In detail, there are 145,179 electric cars (+13.25%), 195,032 plug-in hybrids (+57.93%) and 26,995 foreign sales (+156.22% compared to June 2023, but –28.01% compared to May 2024). Let’s not forget BYD’s second activity, batteries, since the brand installed the equivalent of 16,101 GWh of traction and storage batteries in one month, an increase of 36.26% in one year.
A second quarter and a first half in progress
The end of June also closes the second quarter and the first half of the year, which is a good opportunity to take a slightly more macro perspective.
Over the past three months, BYD sold 986,720 cars (+40.25% year-on-year and 57.56% more than the first quarter), including 426,039 electric cars (+20.98% year-on-year) and 556,708 PHEVs (+59.94%). Overseas sales climbed to 105,505 units, up 196.95% compared to 2023.
Overall, the first six months of 2024 confirm BYD’s good shape, with 1,612,983 total sales (+28.46% in one year), including 726,153 electric cars (+17.73%), 880,992 hybrid cars (+39.54%) and 203,404 sales abroad (+173.80%).
First place at the end of the year?
This is promising, even if some details remain to be provided on BYD’s 100% electric cars. Certainly, the progression in one year is spectacular, but we cannot help but notice a stagnation in sales since March, perhaps a sign of a certain slowdown in the electric market – unlike rechargeable hybrids, which are constantly progressing.
In addition, foreign sales may be hampered by the very likely increases in customs duties required by the European Commission, which should come into effect as early as July 4, 2024. However, BYD’s appetite for Europe may allow the brand to react by adapting to the new rules, particularly via the factory in Hungary currently under construction.
Let’s not forget Tesla either, of course. The American brand has just presented its quarterly figures, announcing that it has sold 443,956 electric cars in the last three months, thus beating BYD to the post.
The coming months, however, are likely to be more complicated: sales of the Model Y, previously the sales locomotive (even going so far as to become the best-selling car worldwide in 2023, all energies combined), are collapsing, with -49% of sales in Europe in May, not to mention that its restyling should not take place this year.
This suggests that the second half of 2024 may be a little more complicated for Tesla. The next few months will therefore be instructive in this American-Chinese war.
