Tesla Reclaims Title Of World’s Largest EV Maker With Q1 Sales

The American EV giant sold 386,810 electric cars in Q1 of 2024 in comparison to BYD’s 300,114 units.

As per the sales data for Q1 2024, Tesla has reclaimed its title of the biggest EV maker in the world. This news report becomes important because, in the last quarter of 2023, the Chinese auto giant BYD overtook Tesla in total EV sales. That was a huge deal where the American auto giant had lost the top spot in quarterly sales for the first time ever. Speculations were floating suggesting that the Chinese automakers might finally be about to take over. But the first quarter of 2024 indicates otherwise.

You might also like: Tesla Clocks 6 Million Lifetime Sales, 1 Million In Last 6 Months

Tesla Q1 2024 Sales

The 386,810 units sold by Tesla in Q1 of 2024 might be the highest in the world, but this number is significantly lower than what it sold in the last quarter. How low? Well, 20.2% lower! Not only that, this Q1’s sales are also 8.5% lower than the Q1 of 2023 (same period from last year). That is an unequivocal indication of the overall industry slowdown. In fact, the global automobile industry is largely driven by the Chinese market. Hence, these numbers represent the slowing down of EV demand.

BYD Q1 2024 Sales

That also explains the huge decline in BYD’s EV sales of 300,114 units in this quarter in comparison to the last quarter (526,409). However, in BYD’s case, these sales numbers are a significant 13.4% higher than what it sold in Q1 of 2023 (same period from last year). These numbers highlight that this year is going to be a slow year in terms of sales and demand for EVs.

You might also like: 1,300 hp BYD YANGWANG U9 Is Ready To Redefine Electric Supercar Segment

Learn Electric Cars Says

The overall EV industry is in a slowdown, at least in the biggest economies in the world including the USA and China. Hence, these dictate the overall market trends. Nevertheless, some developing countries are still new to this EV revolution and are, therefore, displaying extremely positive growth signs. Going forward, the EV industry could also benefit from these small nations as EV adoption becomes more widespread. In any case, we shall have to keep an eye out for how each quarter from here on pans out in terms of global sales.