Tesla Sales in China Rise Record high in 2024 with its sales rose 8.8% to a record high of more than 657,000 cars in 2024.

Tesla China Sales Surge Despite Global Delivery Slip

BEIJING – Tesla reported a record 657,000 car sales in 2024, an 8.8% increase.

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However, this strong performance in China was tempered by a 1.1% decline in global deliveries, marking the first year-over-year sales dip for the electric vehicle giant.²

Dominating China, Facing Global Headwinds:

Tesla’s sales in China, its second-largest market, surged 12.8% in December, reaching an all-time high of 83,000 units.³ China now accounts for 36.7% of Tesla’s global sales.

Despite this success, Tesla faced several challenges globally.⁴ Reduced European subsidies, a shift towards more affordable hybrid vehicles in the US, and intensified competition from Chinese rivals like BYD significantly impacted sales.⁵

BYD Emerges as a Strong Contender:

BYD, the Chinese EV leader, delivered 1.76 million new energy vehicles (NEVs) in 2024, a 12.1% increase, narrowly trailing Tesla’s global sales of 1.79 million units.⁶ BYD’s passenger vehicle sales soared 41% to over 4.25 million units, exceeding its annual target.⁷

Challenges for Tesla:

• Intense Competition: The fierce competition from Chinese EV manufacturers, particularly BYD, has significantly impacted Tesla’s market share.⁸
• Price War: The ongoing price war in the Chinese EV market has forced Tesla to offer incentives like discounts and financing options to remain competitive.⁹
• Workforce Adjustments: Tesla has adjusted its global workforce in response to softer demand and increased competition, including downsizing its sales team in China.¹⁰

BYD’s Global Ambitions:

While BYD’s overseas shipments increased 71.9% to 417,204 units, it fell short of its 450,000 unit export target. This shortfall can be partially attributed to a 17% additional tariff imposed by the EU on Chinese EVs.

Key Takeaways: Tesla Sales in China Rise Record high in 2024

• Tesla’s strong performance in China was a key factor in its overall 2024 sales.
• Global competition, particularly from BYD, is intensifying the pressure on Tesla.¹¹
• The price war in China is impacting Tesla’s profitability.
• BYD continues to expand its global reach, despite facing challenges such as tariffs.¹²

This analysis provides a comprehensive overview of Tesla’s and BYD’s performance in 2024, highlighting the evolving dynamics of the global EV market.

#Tesla, #BYD, #ElectricVehicles, #EVSales, #China

Tesla Sales in China Rise Record high in 2024 with its sales rose 8.8% to a record high of more than 657,000 cars in 2024.

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