Tesla Model Y Became The World's Best Selling EV

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According to Semafor, the Tesla Model Y was the best selling EV in the world during the first half of 2024, which put it well ahead of China-based BYD’s Song. The Model Y had sales of 546,000 during the period. The Song had sales of 276,000. Third place was taken by the Tesla Model 3 at 245,000.

*Global EV Trends

*China’s Record EV Expansion

*US EV Sales Hit 1.3 Million

The world of EVs can be broken into two halves. The first is China, the largest EV market, and the second is the balance of the world. BYD and several other China-based manufacturers control the Chinese market, but they are blocked across much of the rest of the world by tariffs.

Tariffs may block Chinese manufacturers for years. The US and EU understand that their legacy car makers can be put out of business if their markets were flooded by Chinese models that can sell for under $25,000, and according to most reports are high quality vehicles.

What BYD faces is growth through a number of modest sized markets which are primarily in Asia and South America. In each, BYD would need to have a sales presence, and perhaps a manufacturing facility.

US Car Company Challenges

The US car companies are trapped in the US. Their sales in Europe and the rest of the world are modest. China was a huge source of revenue and profit. This has largely disappeared.

Tesla is the only company that bridges the Chinese market and the west. It has gotten China to make accommodations for it to do business there. In that way they are unique and have a status that is not matched.