In 2024, Tesla’s sales fell 1%, marking its first decline in a decade, while BYD surged to 1.76 million EV sales.
Tesla’s Sales Decline
Tesla experienced its first sales dip in a decade in 2024, with deliveries falling by 1% to nearly 1.79 million vehicles. Despite price cuts aimed at boosting demand, Elon Musk’s company struggled to retain its status as the leading electric vehicle manufacturer, while BYD came close with 1.76 million EV sales.
BYD’s Market Surge
BYD recorded a remarkable 41% growth in total vehicle sales, surpassing 4.2 million. Mainly thriving in China, BYD outperformed rivals like Volkswagen and Toyota due to heightened demand for hybrids and beneficial market conditions, including price reductions and government incentives for electric vehicle adoption.
