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BYD Poised to Surpass Tesla in Global Battery Electric Vehicle Sales

BYD Poised to Surpass Tesla in Global Battery Electric Vehicle Sales

BYD, a Chinese electric vehicle maker, is poised to surpass Tesla in battery electric vehicle (BEV) sales this year. BYD's BEV market share is expected to surge, according to Counterpoint Research.

In the second quarter, BYD sold 426,039 BEVs, up nearly 21% from the previous year. Tesla's deliveries fell 4.8% to 443,956 vehicles. Last year, BYD produced over 3 million vehicles, including hybrids, outpacing Tesla's 1.84 million. However, Tesla led in pure BEV production.

China dominates the BEV market, with BYD at the forefront. Counterpoint predicts China's BEV sales will be four times North America's in 2024. By 2030, Chinese BEV sales are expected to exceed those of North America and Europe combined.

The European Union plans to impose additional tariffs on Chinese EVs, aiming to support struggling European manufacturers. These tariffs could push Chinese automakers to emerging markets like the Middle East, Africa, Latin America, Southeast Asia, Australia, and New Zealand.

Global BEV sales are projected to hit 10 million in 2024, as internal combustion engine vehicles decline. This growth will be driven by efforts to improve EV cost-efficiency and affordability.

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