BYD Sales Surge As Tesla's Continues To Drop

[Beijingwalker]

BYD Sales Surge As Tesla's Continues To Drop​

Plus, Teslas are now more expensive than the average electric vehicle, and CDK says it'll be back up and running by July 4 at the latest​

By Andy Kalmowitz
Published on 02/07/2024

Chinese vehicle maker BYD just posted a 21 percent rise in second-quarter eclectic vehicle sales. That has effectively closed BYD’s gap with Tesla after it relinquished its crown as the world’s top EV maker in the first quarter.

BYD sold 426,039 EVs in the quarter that spanned April-June. That means it sold only about 12,000 fewer vehicles than Tesla did over the same timeframe. This puts an exclamation point on how Tesla is trending in the wrong direction. From Reuters:

Tesla is expected to report a 6% drop in April-June quarter vehicle deliveries on Tuesday, the first time the U.S. firm is set to post two straight quarters of decline, as it deals with stiff competition in China and slow demand due to a lack of affordable new models.
The company may again cede its EV championship to BYD if the actual results turn out to be softer than estimated, with Barclays predicting an 11% drop in second-quarter deliveries, Tesla’s biggest ever.
Tesla’s China-made EV sales in June fell 24.2% from a year earlier to 71,007, according to data from China Passenger Car Association (CPCA), extending a year-on-year decline for a third month.

Tesla is really going through it right now. After years of astonishing growth, it warned in January that the trend would most likely not continue in 2024. It said deliveries would be “notably lower” as a boost from price cuts waned.

The EV maker has cut output of its best-selling Model Y electric car by a double-digit percentage number at its Shanghai plant since March to address weakening demand for its aged models in China, its second-largest market after the United States, Reuters reported in May.
By comparison, its top Chinese competitor BYD maintained steady growth in EV sales, while EV upstarts such as Nio reported stellar growth last quarter. NIO’s vehicle deliveries in the second quarter more than doubled to 57,300 units.
Price cuts and a growing shift in consumer demand to EVs and hybrids from gasoline-powered vehicles are the main reasons behind Chinese EV makers’ strong sales in recent months, said Cui Dongshu, secretary general at CPCA.
Sales of new energy vehicles including EVs and plug-in hybrids in China made up 46.7% of total car sales in May, a fresh monthly high, as per CPCA data.

If these trends for Tesla and BYD continue, I would not be surprised if Tesla gives up its EV crown once again to the Chinese automaker. I also wouldn’t be surprised if BYD then leaves Tesla in its rearview mirror for a long, long time.

 

[Beijingwalker]

BYD may overtake Tesla to become the biggest EV seller in Europe​

Published on 02/07/2024 - 10:25 GMT+2

The Chinese carmaker BYD reported record sales in the second quarter, likely overtaking Tesla to become the biggest electric car seller globally, particularly in Europe and China.

The largest Chinese carmaker, BYD, reported a record number of new energy vehicles (NEVs) in the second quarter, including pure electric vehicles (EVs) and plug-in hybrid cars (PHEVs). Pure EV sales amounted to 426,000 units, likely surpassing Tesla’s projected sales of 441,019 EVs for the June quarter. This will be the second time the Chinese best-selling brand has overtaken Tesla to become the biggest EV seller globally, having first topped Tesla's EV sales in the final quarter of 2023.

BYD's sales surge due to price cuts​

BYD is the largest NEV seller and the second-largest power battery maker in China. According to the company's report, BYD sold 341,658 NEVs in June, setting a new monthly record and surpassing the previous high of 341,043 in the December quarter of 2023. Pure EV sales rose by 13% year on year to 145,179, with half-year sales amounting to 726,153, an 18% increase from the previous year. Notably, the company's sales of PHEVs also reached a new high of 195,032 units in June, a 58% increase from last year.
The surge in sales was primarily driven by aggressive price cuts amid sluggish Chinese demand and competition with other major rivals. In March, BYD launched a new model, the Yuan, known as the Atto 3 in overseas markets, priced at just $16,644, roughly 12% less than the previous version in China. Simultaneously, Tesla offered $4,800 incentives for its Model 3 and Model Y in China. However, this price war adversely affected BYD’s profitability in the first quarter, with profits down 47% compared to the same quarter in 2023. The Shenzhen-based carmaker recorded its first quarterly revenue decline since the pandemic began in 2020.

A big push into overseas markets​

The carmaker targeted gas-fuelled vehicles and accelerated its push into overseas markets. BYD launched a new round of updated models earlier this year and declared its intention to fight a "liberation battle" over the next three years. In June, BYD sold 26,995 vehicles to overseas markets, representing a 156.22% increase from last year, despite a sequential drop of 28% from May.

BYD sold 15,644 EVs in Europe last year, accounting for roughly 1.1% of the market share in the region. The company has an ambitious goal to increase its EV sales to capture a 5% market share, posing a threat to local car makers like Volkswagen and Stellantis. To compete, BYD lowered prices and sold 12,363 Atto 3 EVs, followed by 1,079 units of the BYD Dolphin and 1,055 units of the Tang in Europe last year. The Chinese firm will face an additional 17.4% duty following the EU's announcement of new tariffs on Chinese EV imports. Despite this, BYD anticipates higher profits on certain models in the EU compared to China

BYD's technological advantage lies in its e-Platform 3.0, enabling lightweight and integrated solutions that can reduce costs by up to 20%. The company is also planning to introduce the e-Platform 4.0 to further enhance efficiency and cost reduction. Additionally, BYD is preparing to launch its most affordable EV model, the Seagull, in Europe next year. Moreover, it plans to establish an EV manufacturing facility in Hungary, focusing on producing electric cars with battery packs assembled before 2026.

In other regions, BYD rolled out new models in Japan and Korea, competing with local car markers, such as Toyota and Hyundai.

Tesla loses market share​

In contrast, Tesla may face further challenges to its competitiveness from rivals, including not only Chinese carmakers but also other global competitors such as Hyundai and Ford. Over the past six years, Tesla has outsold all other industrial players combined in the EV market. However, reports suggest that Tesla's market dominance in the US may diminish, with the June quarterly reports indicating a potential loss of its majority share, according to Bloomberg.

Since 2023, Tesla has encountered growth challenges, with its profit margin significantly declining due to price cuts and heightened competition. In the first quarter, Tesla reported revenue totalling $21.3 billion, marking a 9% decrease from the previous year—the largest year-on-year drop since the third quarter of 2012. Automotive revenue declined by 13% year on year to $17.38 billion. In response to these performance issues, CEO Elon Musk announced that the company would expedite the mass production of affordable EV models, moving the timeframe up to the first half of 2025 from the originally planned second half of 2025.

BYD may overtake Tesla to become the biggest EV seller in Europe

The Chinese carmaker BYD reported record sales in the second quarter, likely overtaking Tesla to become the biggest electric car seller globally, particularly in Europe and China.

www.euronews.com

 

[Beijingwalker]

BYD just set a new global sales record - will overtake Toyota by 2030​

 

[Beijingwalker]

BYD's record earnings in June quarter | World Business Watch​

 

[Beijingwalker]

China's BYD Records 21 Percent Surge in Sales for Q1'24​

 

[Beijingwalker]

Tesla China Shipments Expected to Slump Again​

Bloomberg Television
Jul 2, 2024
2,436 views • Jul 2, 2024

Tesla suffered a 24.2% year-on-year fall in shipments from its factory in Shanghai, marking the fourth time this year output has fallen for the electric car leader amid a price war in China. The drop comes ahead of closely watched global second-quarter production and delivery figures for Tesla, due later on Tuesday. Bloomberg's Craig Trudell reports.

 

[Beijingwalker]

Tesla's June China-made EV sales down 24.2% year-on-year | ANC​

Jul 2, 2024 #ANCNews

 

[F-22Raptor]

BYD may overtake Tesla to become the biggest EV seller in Europe​

Published on 02/07/2024 - 10:25 GMT+2

The Chinese carmaker BYD reported record sales in the second quarter, likely overtaking Tesla to become the biggest electric car seller globally, particularly in Europe and China.

The largest Chinese carmaker, BYD, reported a record number of new energy vehicles (NEVs) in the second quarter, including pure electric vehicles (EVs) and plug-in hybrid cars (PHEVs). Pure EV sales amounted to 426,000 units, likely surpassing Tesla’s projected sales of 441,019 EVs for the June quarter. This will be the second time the Chinese best-selling brand has overtaken Tesla to become the biggest EV seller globally, having first topped Tesla's EV sales in the final quarter of 2023.

BYD's sales surge due to price cuts​

BYD is the largest NEV seller and the second-largest power battery maker in China. According to the company's report, BYD sold 341,658 NEVs in June, setting a new monthly record and surpassing the previous high of 341,043 in the December quarter of 2023. Pure EV sales rose by 13% year on year to 145,179, with half-year sales amounting to 726,153, an 18% increase from the previous year. Notably, the company's sales of PHEVs also reached a new high of 195,032 units in June, a 58% increase from last year.
The surge in sales was primarily driven by aggressive price cuts amid sluggish Chinese demand and competition with other major rivals. In March, BYD launched a new model, the Yuan, known as the Atto 3 in overseas markets, priced at just $16,644, roughly 12% less than the previous version in China. Simultaneously, Tesla offered $4,800 incentives for its Model 3 and Model Y in China. However, this price war adversely affected BYD’s profitability in the first quarter, with profits down 47% compared to the same quarter in 2023. The Shenzhen-based carmaker recorded its first quarterly revenue decline since the pandemic began in 2020.

A big push into overseas markets​

The carmaker targeted gas-fuelled vehicles and accelerated its push into overseas markets. BYD launched a new round of updated models earlier this year and declared its intention to fight a "liberation battle" over the next three years. In June, BYD sold 26,995 vehicles to overseas markets, representing a 156.22% increase from last year, despite a sequential drop of 28% from May.

BYD sold 15,644 EVs in Europe last year, accounting for roughly 1.1% of the market share in the region. The company has an ambitious goal to increase its EV sales to capture a 5% market share, posing a threat to local car makers like Volkswagen and Stellantis. To compete, BYD lowered prices and sold 12,363 Atto 3 EVs, followed by 1,079 units of the BYD Dolphin and 1,055 units of the Tang in Europe last year. The Chinese firm will face an additional 17.4% duty following the EU's announcement of new tariffs on Chinese EV imports. Despite this, BYD anticipates higher profits on certain models in the EU compared to China

BYD's technological advantage lies in its e-Platform 3.0, enabling lightweight and integrated solutions that can reduce costs by up to 20%. The company is also planning to introduce the e-Platform 4.0 to further enhance efficiency and cost reduction. Additionally, BYD is preparing to launch its most affordable EV model, the Seagull, in Europe next year. Moreover, it plans to establish an EV manufacturing facility in Hungary, focusing on producing electric cars with battery packs assembled before 2026.

In other regions, BYD rolled out new models in Japan and Korea, competing with local car markers, such as Toyota and Hyundai.

Tesla loses market share​

In contrast, Tesla may face further challenges to its competitiveness from rivals, including not only Chinese carmakers but also other global competitors such as Hyundai and Ford. Over the past six years, Tesla has outsold all other industrial players combined in the EV market. However, reports suggest that Tesla's market dominance in the US may diminish, with the June quarterly reports indicating a potential loss of its majority share, according to Bloomberg.

Since 2023, Tesla has encountered growth challenges, with its profit margin significantly declining due to price cuts and heightened competition. In the first quarter, Tesla reported revenue totalling $21.3 billion, marking a 9% decrease from the previous year—the largest year-on-year drop since the third quarter of 2012. Automotive revenue declined by 13% year on year to $17.38 billion. In response to these performance issues, CEO Elon Musk announced that the company would expedite the mass production of affordable EV models, moving the timeframe up to the first half of 2025 from the originally planned second half of 2025.

BYD may overtake Tesla to become the biggest EV seller in Europe

The Chinese carmaker BYD reported record sales in the second quarter, likely overtaking Tesla to become the biggest electric car seller globally, particularly in Europe and China.

www.euronews.com

Tesla has outsold BYD in Q1 and Q2 and over the last 12 months. BYD overtaking Tesla has turned into a nothing burger.

 

[ohyea]

Tesla has outsold BYD in Q1 and Q2 and over the last 12 months. BYD overtaking Tesla has turned into a nothing burger.

You wrong, Tesla sale down 24% in China right now.

 

[ohyea]

Tesla has outsold BYD in Q1 and Q2 and over the last 12 months. BYD overtaking Tesla has turned into a nothing burger.

You wrong, Tesla sale down 24% in China right now

You wrong, Tesla sale down 24% in China right now.

Did you read the article?

 

[ohyea]

Tesla has outsold BYD in Q1 and Q2 and over the last 12 months. BYD overtaking Tesla has turned into a nothing burger.

You wrong, Tesla sale down 24% in China right now

You wrong, Tesla sale down 24% in China right now.

Did you read the article

Tesla has outsold BYD in Q1 and Q2 and over the last 12 months. BYD overtaking Tesla has turned into a nothing burger.

Bring proof Tesla out sold BYD in China, I will report you for trolling.

 

[F-22Raptor]

You wrong, Tesla sale down 24% in China right now.

Worldwide Q2 deliveries

Tesla 444K
BYD 426K

Total 2024 H1 lead for Tesla is around 108K BEVs

 

[ohyea]

Tesla has outsold BYD in Q1 and Q2 and over the last 12 months. BYD overtaking Tesla has turned into a nothing burger.

You wrong, Tesla sale down 24% in China right now

You wrong, Tesla sale down 24% in China right now.

Did you read the article

Tesla has outsold BYD in Q1 and Q2 and over the last 12 months. BYD overtaking Tesla has turned into a nothing burger.

Bring proof Tesla out sold BYD in China, I will report you for troll

Worldwide Q2 deliveries

Tesla 444K
BYD 426K

Total 2024 H1 lead for Tesla is around 108K BEVs

You troll, this article about Tesla sales down 24% in China.

 

[F-22Raptor]

You wrong, Tesla sale down 24% in China right now

Did you read the article

Bring proof Tesla out sold BYD in China, I will report you for troll

You troll, this article about Tesla sales down 24% in China.

No it’s not, read the first post

 

[ohyea]

No it’s not, read the first post

The 1st post say BYD closed the gap in sale with 21% rise vs Tesla, BYD also outsold Tesla in E.U and Tesla down 24% sale in China. Show the proof Tesla out sold BYD