China’s BYD reported a 21% increase in electric vehicle (EV) sales for the second quarter, bringing its total to 426,039 EVs sold from April to June.
This is just under 18,000 vehicles fewer than Tesla’s 443,956 deliveries for the same period, a significant narrowing from the previous quarter’s gap of over 86,000 vehicles.
Tesla’s second-quarter deliveries fell by 4.8%, marking the first time the company has seen two consecutive quarters of decline.
The U.S. automaker is facing strong competition in China and slow demand due to the absence of new affordable models. However, price cuts and incentives helped Tesla beat expectations, boosting its shares by about 5%.
Tesla’s China-made EV sales in June dropped by 24.2% year-on-year to 71,007 vehicles, continuing a three-month trend of year-on-year declines.
Despite this, Tesla remains the world’s top EV vendor. The company has warned that its delivery growth in 2024 will be “notably lower” as the impact of its price cuts diminishes.
Source: Reuters