BYD may hand back top EV seller title to Tesla after Q1 sales decline

BEIJING - BYD, China's biggest electric vehicle maker, reported first quarter 2024 sales fell 43% compared to the fourth quarter of 2023, which may mean it will hand back the title of world's biggest EV seller to Tesla after winning it last year.

Tesla's Q1 estimate is down more than 5% from the previous three months amid softer overall demand and a slowdown in the Chinese market where local rivals led by BYD upped the ante in a price war for buyers.Tesla taking back the sales crown illustrates its global clout will not be easily challenged, especially as both companies expect a slowdown in Chinese EV sales growth this year. It also demonstrates that BYD's short-lived dominance followed from its domestic price cuts.

Sales of its purely electric models hit 139,902 in March, a 36.3% increase year-on-year, while sales of plug-in hybrids rose 56.4% to 161,729 units. Last week, BYD set a 3.6-million-unit sales target for 2024, a 20% increase from its record-breaking sales last year, Reuters reported citing sources.Trump Media, which began trading under ticker symbol ‘DJT’ on March 26, owns former President Donald Trump’s social media platform Truth Social.

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