BYD To Top Tesla–Because Of China

By Douglas McIntyre  •  July 3, 2024
Vladimir Srajber Pexels

BYD appears ready to top Tesla as the top seller of EVs in the world. Research firm Counterpoint states, “BYD’s BEV market share is set to surge in 2024, the year it is expected to overtake Tesla in BEV sales.” 

More EV Fears –Ford’s Anxiety

According to Reuters, BYD is also closing the gap in China. “BYD sold 426,039 EVs in the April-June quarter, according to Reuters’ calculations based on its monthly sales reports. That is almost 18,000 vehicles fewer than Tesla’s vehicle deliveries for the second quarter, but far closer than the more than 86,000 gap in the prior quarter.”

Climatecrisis247 believes this is an impressive performance. However, it is largely because China’s home market is by far the largest EV market in the world. The question about BYD’s success is whether it can move into Europe and the US. To a large extent, that potential move is blocked by tariffs. 

Role Of the US And Europe

Tariffs could significantly block BYD’s growth, particularly in the US. The 100% tariffs put on its vehicles and those from China could leave Tesla with 50% of the American market and gains from legacy manufacturers, including GM and Ford, in their home market.

Tariffs are lower in Europe so BYD could post strong growth without the US.

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