Status of BYD and Tesla EV competition, 2024

Jessie Lin, DIGITIMES Research, Taipei 0

Credit: BYD

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BYD saw its global EV sales surpass Tesla to become the leading EV seller worldwide in 2023.

According to DIGITIMES Research's observations, BYD was firmly in first place in global electric vehicle (EV) sales in 2023. It sold 3.024 million EVs, surpassing Tesla by 1.22 million units. It also surpassed Tesla for the first time in the battery electric vehicle (BEV) segment in the fourth quarter of 2023.

Looking forward to 2024, DIGITIMES Research predicts that BYD's EV sales will reach 3.8 million units, compared to Tesla's 2.2 million units, and the gap between the two will widen to 1.6 million units, thanks mainly to BYD's diversified product lines and expansions in overseas markets. BYD's success mainly comes from its diversified product portfolio and affordable prices. Its product lines include the Dynasty and Ocean series mainly for general consumers, and the Denza, Yangwang and Fangchengbao series for the high-end market.

Among them, the best-selling models are priced between CNY73,800 (about US$10,000) and CNY209,800. In comparison, Tesla focuses on the mid-range to high-end market, with an average price 83% higher than BYD's, and its production focus is on the Model Y and the Model 3, so its customer base and total sales volume are smaller than BYD's.

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