Chinese automaker BYD recorded a 42% drop in sales between January and March compared to the last quarter of 2023, allowing American company Tesla to regain the leadership in the electric vehicle market.
Weak demand and increased competition in the Chinese market reduced BYD’s sales to 300,114 electric vehicles in the first quarter of the year, according to data revealed in the report sent to the Hong Kong Stock Exchange by BYD.
The Chinese company surpassed Tesla in electric vehicle sales in the last quarter of 2023, when it sold 526,409 cars compared to 484,507 sold by Tesla between October and December.
Meanwhile, Tesla announced that it sold 386,810 cars in the first three months of 2024, below the expected 450,000 but more than its Chinese rival.
By including hybrids, along with cars powered by pure battery and hydrogen, BYD recorded a quarterly sales volume of 626,263 units, a 13% increase compared to the same period. It was the slowest sales growth rate since the second quarter of 2022.
