The fourth quarter of 2023 was a turning level within the competitors between the 2 largest all-electric automobile producers (OEMs)—Tesla and BYD, which had been already very shut to one another in Q3.
As with each quarter, on this put up, we are going to have a look at the worldwide gross sales outcomes of battery electrical vehicles (BEVs) by three OEMs—Tesla, BYD, and Volkswagen Group.
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World automobile gross sales surges
World electrical automobile gross sales persistently enhance, whereas the best-selling fashions and types change. In 2024, we may even see BYD as the brand new market chief in gross sales quantity.
Final quarter, Tesla delivered 484,507 all-electric vehicles, 20% greater than a yr in the past. That is a brand new document, however not a excessive sufficient stage to outpace the surging BYD.
The Chinese language group (together with different manufacturers), offered about 526,409 all-electric vehicles. It isn’t solely greater than Tesla did, but in addition at a excessive progress charge of 60% year-over-year.
If nothing modifications, BYD’s increased progress charge, as in comparison with Tesla, will translate into increased gross sales ends in the approaching quarters.
In the meantime, the Volkswagen Group elevated its passenger all-electric automobile gross sales by 16% year-over-year to 238,544 models. This quantity and progress charge aren’t excessive sufficient to consider beating Tesla or BYD anytime quickly (it was the corporate’s ambition just a few years in the past), so the German producer should now watch its again to keep up its spot on the rostrum (SAIC, together with SAIC-GM-Wuling, was not far behind in Q3).
All-electric automobile gross sales in This fall’2023 (YOY change):
In 2023, Tesla offered greater than 1.80 million all-electric vehicles, whereas BYD exceeded 1.57 million. The Volkswagen Group was at about half of BYD’s quantity, with virtually 0.77 million models offered.
The primary query is whether or not BYD will preserve its twice increased progress charge than Tesla, which doubtlessly would enable it to beat Tesla in 2024.
The Volkswagen Group may be capable of promote multiple million all-electric vehicles in a single yr for the primary time in 2024.
All-electric automobile gross sales in Q1-This fall’2023 (YOY change):
Tesla: 1,808,581 (up 38%) BYD: 1,574,822 (up 73%) or 87.1% of Tesla’s resultDifference to Tesla: 233,759 (down 42%) Volkswagen Group: 769,029 (up 35%) or 42.5% of Tesla’s resultDifference to Tesla: 1,039,552 (up 40%)
![external_image](https://cdn.motor1.com/images/custom/thumbnail/tesla-vs-byd-vs-volkswagen-group-bev-car-sales-q42023b.png)
For reference, in 2022, Tesla delivered greater than 1.3 million electrical vehicles (a rise of 40% year-over-year), BYD offered over 0.9 million (up 184%) and Volkswagen Group over 0.57 million (up 26%).
We anticipate that BYD’s progress charge will proceed to lower (the potential in China will not be infinite, and exporting extra vehicles will not be straightforward), however most likely will stay increased than within the case of Tesla. It is likely to be a detailed race.
Information:
Tesla gross sales BYD gross sales (together with Denza) don’t embody industrial automobiles (vehicles/buses) Volkswagen Group consists of Volkswagen (vehicles), Audi, Skoda, Porsche, Seat/Cupra, Volkswagen Industrial Automobiles (vans), however for the sake of comparability we excluded MAN, Scania and Navistar.