BYD Car Sales: BYD Company’s car sales increased significantly

BYD Car Sales: In the automobile market, Chinese automobile company BYD’s car sales have grown comparatively. The company sold more cars in March than last year. They hope that the car sales will increase more.

The company faces fierce competition from Western EV manufacturers and car companies. Their car sales are increasing day by day, due to which the company is ahead of Tesla and other companies.

Investors are meticulously observing the performance of BYD in comparison to Tesla, which has historically maintained a dominant position in the electric vehicle (EV) market but has experienced a deceleration in sales growth over the past year.

Analysts surveyed by FactSet predict that Tesla will deliver approximately 457,000 vehicles worldwide during the January-to-March period. However, these estimates may not be up-to-date, as Tesla’s official figures are expected to be announced on Tuesday.

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On the other hand, During the first quarter of 2024, BYD sold around 300,114 electric vehicles (EVs) globally, showing a 13% increase compared to the same period last year. Additionally, plug-in hybrids accounted for 52% of BYD’s total sales in the first quarter, with approximately 324,000 units sold, representing a 14% growth.

In January, Tesla’s CEO, Elon Musk, cautioned about a “significantly” reduced growth rate in 2024 as the company focuses on scaling up factory production for its newly introduced Cybertruck.

Musk additionally verified that Tesla intends to commence the construction of a more economical electric vehicle (EV) at its Texas facility, albeit this endeavor isn’t anticipated to commence until late 2025.

EV maker Li Auto reported a 53% rise in first-quarter deliveries to 80,400 units. While XPeng’s deliveries increased by 20% to 21,821 vehicles. Geely Automobile sold 475,720 units. 49% more than a year ago.

Shares of Elon Musk’s company Tesla are down 29% this year. This has become a major concern for the company’s investors.