Tesla and BYD's Close Competition in the Electric Vehicle Market Through May 2024

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Erlina Fury Santika 18/09/2024 09:00 WIB

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Statista data shows Tesla and BYD are neck and neck in global electric vehicle market share for January-May 2024. Other brands lag significantly behind.

Global Electric Vehicle Market Share Based on Top 5 Manufacturers (January-May 2024)

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Global Electric Vehicle Market Share Based on Top 5 Manufacturers (January-May 2024)

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Statista data reveals a tight competition between Tesla and BYD in global electric vehicle (EV) sales.

From January to May 2024, Tesla's global market share reached 17%. While this is the highest compared to its competitors, it's down from 19% in 2023.

Statista reports that in the second quarter of 2024, Elon Musk's company's gross margin fell to its lowest point, having declined every quarter since the first quarter of 2022.

BYD closely follows, with a 16% market share from January to May 2024. This is also down from 17% in 2023.

Statista explains that BYD's deliveries were only about 45,000 vehicles less than Tesla's from January to May 2024, or approximately 9,000 per month. This illustrates the intense direct competition between the two companies.

"BYD focuses on providing BEVs for a broader consumer base, while Tesla products have a higher price tag," Statista wrote on Thursday (September 12, 2024).

Other manufacturers lag significantly behind. These include Geely-Volvo (8%); SAIC Motors-Wuling-General Motors (7%); Volkswagen Group (7%); and other brands (44%).

According to EV Volumes, cited by Statista, 14 million electric vehicles were sold globally in 2023, 70% of which were BEVs.

However, 84% of all light vehicles sold still use traditional internal combustion engines or other non-electric fuel sources.

China is the largest exporter and market for hybrid and BEV vehicles, with a 65% and 59% share respectively.

Editor : Erlina Fury Santika

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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Tesla and BYD's Close Competition in the Electric Vehicle Market Through May 2024

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