BYD Seal U electric vehicle was unveiled at the IAA Mobility 2023 International Auto Show in Munich, Germany on September 6, 2023.
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Chinese EV startup BYD on track to overtake Tesla Among pure electric vehicle sales this year, the market share of pure electric vehicles is expected to grow significantly. based on counterpoint studies Published Tuesday.
“This shift highlights the dynamic nature of the global electric vehicle market,” Counterpoint analysts said in a note.
According to CNBC calculations, BYD’s pure electric vehicle sales increased nearly 21% year-on-year in the second quarter to 426,039 units. Tesla’s second-quarter vehicle deliveries fell 4.8% to 443,956 vehicles.
Last year, BYD’s total production (including pure electric vehicles and hybrid vehicles) exceeded 3 million vehicles, surpassing Tesla’s 1.84 million vehicle production for the second consecutive year.
However, BYD produced 1.6 million pure battery passenger cars and 1.4 million hybrid vehicles, giving Tesla the lead in pure electric vehicle production.
In the first quarter, BYD also ceded its position as the largest electric vehicle supplier to the American electric vehicle giant.
Counterpoint said China “remains the dominant force in the pure electric vehicle market”, with BYD leading the way. The research firm said it expects China’s sales of pure electric vehicles to be four times those in North America by 2024.
According to Counterpoint, China will continue to account for more than 50% of global pure electric vehicle sales by 2027, and it is expected that by 2030, China’s pure electric vehicle sales will exceed the combined sales of North America and Europe.
Last month, the EU announced it would impose additional tariffs on Chinese electric vehicle companies in response to “clearly foreseeable and imminent threats of harm to EU industry.”
The world will If a 17.4% tariff is imposed, Geely will impose an additional 20% tariff. SAIC will have to pay an additional tariff of 38.1%, the highest among the three. This is above the standard A 10% tariff has been imposed on imported electric vehicles.
The commission said in a statement that the tariffs are currently temporary but will be implemented from July 4 if discussions with Chinese authorities fail to reach a solution. statement June 12th.
Liz Lee, associate director at Counterpoint Research, said: “The EU’s new tariffs on Chinese electric vehicles are intended to level the playing field for European electric vehicle manufacturers, which are struggling to compete with lower-priced Chinese imports.”
“These tariffs may push Chinese automakers to turn to emerging markets such as the Middle East and Africa, Latin America, Southeast Asia, Australia and New Zealand,” Li added.
According to the report, global sales of pure electric vehicles are expected to reach 10 million units in 2024, while sales of internal combustion engine vehicles continue to decline. This growth will be supported by efforts aimed at improving the cost efficiency and affordability of electric vehicles and EV batteries.
–CNBC’s Evelyn Cheng contributed to this report.
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