BYD surpasses Tesla in European EV sales for first time
What's the story
For the first time, Chinese automaker BYD has beaten Tesla in the European battery electric vehicle (BEV) market. BYD sold 7,231 BEVs in April, according to data from Jato Dynamics, a market research firm. The number marks a whopping year-on-year growth of 169%. Meanwhile, Tesla's sales declined by 49% with just 7,165 units sold in the same period.
Market shift
Tesla's market dominance challenged by BYD's growth
Felipe Munoz, a global analyst at Jato Dynamics, spoke about this major shift in the European car market. He said, "Although the difference between the two brands' monthly sales totals may be small, the implications are enormous." Munoz further emphasized that "this is a watershed moment for Europe's car market," given Tesla's years-long dominance in the segment and BYD's expansion beyond Norway and Netherlands in late 2022.
Market trends
European bev market sees overall growth
Despite Tesla's sales slump, the appetite for BEVs in Europe stayed strong last month. As per Jato Dynamics, BEVs accounted for 17% of the 1.1 million new cars registered on the continent in April. This is an increase from 13.4% a year ago. Meanwhile, plug-in hybrids (PHEVs) made up 9% of sales, up from 6.9% a year ago.
Trade challenges
Chinese automakers drive growth despite trade barriers
Chinese carmakers have played a major role in this growth, Jato Dynamics said. Despite the high tariffs levied by the EU, the BEV sales of Chinese firms jumped by 59% year-on-year in April to nearly 15,300 units. Meanwhile, carmakers from Europe, Japan, South Korea and the US only saw a 26% increase in sales.