BYD and Tesla Compete in Global EV Market

In the competitive global battery-electric vehicle (BEV) market, Tesla continues to hold the largest market share, albeit slightly decreased from 19% in 2023 to 18% in early 2024. Meanwhile, BYD is rapidly closing the gap, having increased its market share by 9 percentage points from 2021 to 2024, partly due to its aggressive pricing strategy and successful sales of models like the BYD Seagull. In November 2024, global BEV deliveries rose 22.8% year-on-year, with the Tesla Model Y leading in sales despite a small decline in its market share. BYD's strategy includes launching three new electric cars in South Korea this year, aiming to capture market share from established brands like Hyundai and Kia. The shift in focus towards plug-in hybrids may limit BYD's growth in the BEV sector in 2025, amidst rising tariffs on Chinese vehicles that could impact overall pricing and competition. Overall, the electric vehicle landscape is evolving, with legacy automakers struggling to keep pace with the rapid advancements and market strategies employed by companies like Tesla and BYD.