Tesla Achieves Record Sales In China, Overtakes BYD In Global EV Sales For 2024

Factors affecting global performance included reduced subsidies in Europe, a shift toward hybrid vehicles in the US market amid tough competition from Chinese automaker BYD , which had overtaken Tesla in 2023 to become the best selling electric car brand in the world. But Tesla delivered 1.79 million vehicles globally in 2024, maintaining a small lead over BYD, which recorded 1.76 million EV deliveries. BYD's total passenger vehicle sales reached 4.25 million units, a 41 percent increase compared to 2023. This puts Elon Musk’s Tesla back into the top spot.

The report outlines that Tesla China reported a 12.8 percent month-on-month increase in sales for December 2024, with sales reaching 83,000 units. However, global deliveries decreased by 1.1 percent, falling short of CEO Elon Musk's projection of slight growth.

The data shared in the report indicates that China accounted for 70 percent of global EV and hybrid sales in the first 11 months of 2024 and contributed over 90 percent of the growth in these segments. Tesla reduced the size of its China sales team and its global workforce due to lower demand and increasing competition. The company extended discounts and financing offers on its Model 3 and Model Y vehicles in response to ongoing price competition in the Chinese market.

(With inputs from Times Now)