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BYD beats Tesla to become world’s highest EV seller in 2024

Image of BYD electric Vehicle company office

BYD leads the position for being the world’s highest electric vehicle seller by surpassing Tesla. According to a post published by BYD – Build Your Dreams, it became the first company to surpass the 5 million milestone in electric vehicle sales worldwide.

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As per the latest reports published by the company, the company made sales of 46,412 units of BYD electric cars in the first few months of 2024, while Tesla sold 24,523 units in the same period. The growth in sales of BYD EVs is aided by its wide range of affordable cars, available at an average price of $29,000. This is comparatively lesser compared to Tesla’s $40,000 average.

CompanyUnits sold ( March 2024)Average Price
BYD46,412$29,00
Tesla24,523$40,000
BYD beats Tesla in sales

BYD was formed in 1995 by a Chinese automaker in Shenzhen, China’s technological hub with a vision for producing mass-market affordable electric vehicles. BYD initially focused on battery design and manufacturing. This expertise proved invaluable when BYD entered the automotive sector in 2003. Even now, many automotive giants like Mercedes, BMW, Audi, and Tesla depend on BYD for their batteries.

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According to BYD’s latest posts, the company achieved a record net profit of 30 billion yuan (over $4.16 billion) this financial year, a major growth of 80% from what it made last year. 

Many factors led to the company’s success including having established businesses in cities that choose to go fully electric, and its high production capacity which eventually led to an affordable segment of electric cars. By offering multiple affordable variants of electric cars, BYD put pressure on growing EV startups along with major OEMs like Tesla.

A crucial reason for BYDs success over Tesla, China’s electric vehicle policy is very supportive for EV manufacturers by offering many tax breaks and subsidies. This resulted in the introduction of several affordable and efficient electric cars in China, leaving behind Automotive giants like Tesla from the US.

As per the latest reports, BYD plans to establish its first passenger car factory in Hungary within three years. This move identifies BYD’s global vision to compete with the US and European markers.

Abhishek Gautam
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