Tesla 380,000 Units... BYD 300,000 Units
Hybrid Strengthens Amid Intensified Market Competition
"Tesla Sales Slowdown... May Fall to 2nd Place Again"
Tesla reclaimed the top spot in the first quarter after losing it to Chinese electric vehicle manufacturer BYD in the fourth quarter of last year.
According to Bloomberg on the 2nd (local time), BYD's pure electric vehicle deliveries in the first quarter totaled 300,114 units. This represents a 13% increase compared to the same period last year, but a 42% decrease compared to the fourth quarter of last year (526,409 units).
Meanwhile, Tesla sold 386,810 units in the first quarter, an 8% decrease year-over-year. Although this fell short of the market forecast of 457,000 units, it was higher than BYD's sales volume.
In the fourth quarter of last year, BYD sold 526,409 units while Tesla sold 484,507 units, pushing Tesla, which had long held the number one position in the electric vehicle industry, down to second place.
Including plug-in hybrid vehicles in addition to pure electric and hydrogen vehicles, BYD's first-quarter sales reached 626,263 units. This is a 13% increase year-over-year but the slowest growth rate since the second quarter of 2022.
The poor performance of the two major electric vehicle companies stems from intensified market competition. In particular, BYD has significantly lowered the prices of almost all its models under the slogan "Electricity is cheaper than oil."
The automotive industry is warning that buyers are showing skepticism due to the high price of electric vehicles and the lack of charging infrastructure. Recently, U.S. electric vehicle startup Fisker was delisted after its stock price plummeted amid bankruptcy concerns.
The strong performance of hybrid vehicles is also a negative factor for electric vehicle companies. Major manufacturers such as GM, Ford, and Toyota have recently been focusing on hybrid vehicles.
Meanwhile, Tesla continues to experience poor performance due to intensified electric vehicle competition and an aging lineup, leading to speculation that BYD could regain the number one spot in electric vehicle sales within the next few months.
Tom Narayan, an automotive analyst at RBC Capital Markets, said, "Tesla's sales figures indicate that electric vehicle growth is rapidly slowing in the U.S. At the same time, the Model Y and Model 3, which account for 90% of sales, are saturated."
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