BYD could hand the title of top electric vehicle seller back to Tesla after a decline in first-quarter sales

BEIJING (Reuters) – BYD, China’s largest electric vehicle (EV) maker, reported sales fell 43% in the first quarter of 2024 compared with the fourth quarter of 2023, which could mean it could take the title after winning from the world’s largest EV seller to Tesla will transfer it last year.

BYD sold 300,114 electric vehicles in the first quarter of this year, the company said late on Monday in a filing with the Shenzhen Stock Exchange, down 43% from the record quarter of 526,409 units sold in the previous three-month period. when it surpassed Tesla. . Sales in the first quarter increased by 13.4% compared to a year ago.

But the quarterly decline could mean Tesla will take back the sales title, based on forecasts for record sales of 458,500 vehicles in the quarter to March 31, according to analysts polled by Visible Alpha. Tesla will report first-quarter revenue on Wednesday.

Tesla’s first-quarter estimate is down more than 5% from the previous three months, amid weaker overall demand and a slowdown in the Chinese market, where local rivals led by BYD have upped the ante in a price war for buyers.

Tesla taking back the sales crown illustrates that its global influence will not be easily challenged, especially as both companies expect a slowdown in Chinese electric vehicle sales growth this year. It also shows that BYD’s short-lived dominance was the result of domestic price cuts.

BYD sold 626,263 units of all vehicle types in the first quarter, up 13.4% from a year earlier, but down 33.7% from a record quarterly high of 944,779 in the fourth quarter, the report showed. scholarship application.

March sales totaled 302,459 vehicles, up 46% from a year earlier and the second highest monthly sales figure. BYD reported a monthly record of 341,043 units in December.

The sale of its purely electric…

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