China’s Leading Electric Car Maker BYD Sees 13% Increase in EV Sales in Q1 2024
In a recent report, BYD, China’s leading electric car maker, has revealed a 13% increase in electric vehicle (EV) sales in the first quarter of 2024 compared to the same period last year. The company sold over 300,000 electric vehicles during this time and also saw a 9% rise in EV production, with 291,730 EVs built.
Overall sales for BYD reached 626,263 in Q1, showing a 13.4% year-over-year growth. However, despite the increase in EV sales, they were down from the previous quarter, which saw sales of over 526,400 vehicles.
While BYD is a major player in the EV market, estimates suggest that Tesla’s Q1 delivery numbers are expected to surpass BYD’s 300,000 EV sales. Wall Street analysts have been lowering their estimates for Tesla’s Q1 deliveries, with the average consensus around 458,500 vehicles.
Despite facing fierce competition in the Chinese market, BYD remains confident in its position. The company continues to sell more electric vehicles and does not view Tesla as its main competitor. To maintain momentum in 2024, BYD has launched more affordable electric cars, such as the Seagull starting at $9,700.
BYD is also focusing on expanding its overseas footprint and sees new energy vehicles, including plug-in hybrids, entering the “knockout round.” With a strong performance in Q1, BYD is poised to continue its growth and innovation in the electric vehicle market.
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