But early in 2024, the Chinese corporation made a mistake. It sold 525,409 BEVs in the last three months of last year; in the first quarter, it sold only 300,114.
Despite reporting declining sales, Tesla was able to regain its previous position due to a significant decline in sales, since it sold 386,810 BEVs over that same period.
Cutting costs
Particularly when contrasted with Tesla’s more expensive vehicles, BYD’s aggressive pricing has contributed to its ascent to the top of the EV charts. But in the biggest auto market in the world, the battle is getting fiercer for both.
The Yuan Plus crossover, also known as the Atto 3 outside of China, was redesigned by BYD on March 4. The previous model was reduced in price by 11% to 119,800 yuan ($16,644).
A few days later, BYD likewise reduced the price of the Seagull, the most recent iteration of its entry-level vehicle, by 5%. Its starting price is currently less than $10,000.
The Model 3 and Model Y continue to retail for more than twice as much as BYD, despite Tesla lowering the price of some of its models in China last year.
As per the UK-based consultancy firm Rho Motion, China is expected to account for 33% of global sales in 2023, making it the company’s largest market after the United States. 2019 saw the American corporation begin manufacturing at its Gigafactory in Shanghai. That plant, which serves as Tesla’s primary export base, sent 947,000 vehicles last year.
BYD has a bus production facility in California; however, it does not sell automobiles in the US. Both BYD and Tesla are investing in foreign manufacturing and extending their reach beyond their own markets.
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