Tesla Still No.1 EV Company Worldwide

According to new research from Counterpoint, China remains the top EV market. It is also among the fastest-growing. In the first quarter, China’s EV sales rose 28% year over year. The study includes battery EVs (BEVs) and plug-in hybrid EVs (PHEVs). US sales rose only 2% on the same basis. Global EV sales jumped 18% in Q1 2024, according to Counterpoint. “PHEV sales saw a significant rise with a 46% YoY growth, while BEV sales increased by just 7% YoY.”

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Climatecrisis247 believes that the EV market needs to grow as was forecast a year ago. At that point, hybrid cars were not seen as the vehicles that would move the market forward. As of this point, the assumption that entirely electric car sales would explode is wrong.

BYD Improves

Tesla has kept No.1 among EV manufacturers in Q1. It held a 19% market share, followed by China’s BYD at 15%.  A year ago, Tesla’s market share was 22% in the same quarter, and BYDs was 14%.  Over the period, BYD’s market share has risen by 13%, and Tesla’s has fallen by 9%.

The report added, “Leading EV players like Tesla and BYD have managed to reduce their BEV manufacturing costs, allowing them to offer competitive prices.” Companies, including GM, were unable to do so.

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