BYD becomes the largest EV manufacturer in 2024, surpassing Tesla
Tesla is no longer the largest EV manufacturer in the world. In 2024, the American company produced 1,773,443 electric cars, while Chinese giant BYD produced 1,777,965 vehicles. The difference is insignificant - just 4,522 units - but it's a wake-up call for Tesla, because back in 2023 it had a significant advantage, having produced 1.85 million battery cars against BYD's 1.6 million.
Here's What We Know
The two global leaders in electric vehicles had a very different 2024. Tesla suffered from sluggish demand, weighed down by an aging model lineup and stiffer competition. The US carmaker's deliveries fell year-on-year in the first two quarters of 2024 before recovering in the second half of the year.
By comparison, BYD increased its electric vehicle production and sales by about 12% in 2024 as it continued its expansion into new markets. It's also worth clarifying here that battery electric vehicles are only part of BYD's business. The company also makes plug-in hybrids and buses. BYD's total vehicle sales soared 41% last year to about 4.27 million units.
Tesla and BYD's electric vehicle production volumes from 2020 to 2024. Illustration: InsideEVs
On the other hand, Tesla reported deliveries of 1.79 million units, while BYD's battery electric car sales totalled 1.65 million units. Thus, looking at cars sold rather than cars produced, Tesla still seems to have a slight advantage.
Outlook in 2025
The big question is whether BYD can build on its success in 2025. The Chinese government has continued to support local electric car manufacturers, but the EU and the US have responded by imposing protective duties. Tesla, in turn, promised to start producing new models, including more affordable ones, in the first half of 2025. In addition, the company of Ilon Musk may present an updated version of the popular crossover Model Y.
Source: InsideEVs
