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Quarterly BEV Sales: Tesla Vs. BYD

China’s BYD made waves for outselling Tesla in Q4 2023, prompting many to believe that the once dominant EV king would fall further behind in 2024.

However, figures for Q1 2024 are now out, and they reveal a dramatic 43% decline in BYD sales from the previous quarter. Meanwhile, Tesla reported a slightly less painful 20% drop in sales.

To see how this battle is playing out, we visualized the global BEV sales of both companies over the past several years. The exact figures can be found in the table below.

The steep drops reported in Q1 2024 are the latest sign that consumer appetite for fully electric vehicles has slowed, prompting both companies to escalate their ongoing price war. In February 2024, BYD responded to Tesla’s repeated price cuts with its own round of discounts.
 

BYD Offers a Significantly Lower Entry Point

As shown in the above graphic, starting prices for some of BYD’s electric cars are incredibly low.

In China, the BYD Seagull now starts at 69,800 yuan ($9,700), while the Yuan Plus (BYD’s Model Y competitor) starts at 119,800 yuan ($16,000). On the other hand, Tesla’s cheapest model (RWD Model 3) costs 245,900 yuan ($34,000). It’s interesting to note that the cheapest Model 3 in the U.S. costs $38,990, according to reporting from CNN.

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