Tesla’s sales dipped 1% in 2024, marking its first decline in over a decade, while BYD surged with 1.76 million EVs sold.
Tesla’s Sales Decline
In 2024, Tesla experienced its first sales decline in over a decade, with deliveries dropping by 1% to nearly 1.79 million vehicles. Despite aggressive pricing strategies, the automaker struggled to retain its title as the leading electric vehicle manufacturer, while Chinese rival BYD approaches rapidly, reporting 1.76 million EV sales.
BYD’s Market Surge
BYD saw impressive growth with a 41% year-on-year increase, achieving over 4.2 million total vehicle sales. Primarily operating in China, BYD has extended its lead over competitors like Volkswagen and Toyota, driven by rising demand for hybrids and supportive market conditions, including government incentives and reduced prices for electric vehicles.
