Nandini Roy Choudhury, writer
Brief news
Chinese electric car company BYD is expected to sell more battery electric vehicles (BEVs) than Tesla this year, according to a report from Counterpoint Research. BYD’s sales of BEVs rose 21% YoY to 426,039 units in Q2, while Tesla’s deliveries dropped 4.8%. BYD produced over 3 million cars, including hybrids and battery-only vehicles, more than Tesla’s 1.84 million. Counterpoint predicts that China will have four times as many BEV sales as North America in 2024, with over half of all BEV sales coming from China until 2027. The EU has imposed higher tariffs on Chinese EV companies to protect EU industry from potential harm. The study predicts global BEV sales will hit 10 million in 2024, while sales of cars with internal combustion engines continue to fall.
Illustrated news
A report from Counterpoint Research says that Chinese electric car company BYD is on track to sell more battery electric vehicles (BEVs) than Tesla this year. Its BEV market share is also expected to grow quickly.
In a study released Tuesday, Counterpoint analysts said, “This change shows how volatile the global EV market is.”
CNBC found that BYD’s sales of battery electric vehicles (EVs) rose nearly 21% year over year to 426,039 units in the second quarter. Deliveries of Tesla cars dropped 4.8% in the second quarter, to 443,956 cars.
For the second year in a row, BYD made more than 3 million cars, including hybrids and cars that only use batteries. This was more than Tesla’s production of 1.84 million cars.
Tesla made the most BEVs, with 1.6 million battery-only passenger cars and 1.4 million hybrids. BYD, on the other hand, made the fewest.
In the first quarter, the U.S. EV giant passed BYD as the top EV provider.
Counterpoint said that China “remains a dominant force in the BEV market,” with BYD being the market leader. The study company said that in 2024, China will have four times as many BEV sales as North America.
More than half of all BEV sales will still come from China until 2027. In 2030, Counterpoint predicts that China’s BEV sales will be higher than the total sales of North America and Europe.
The EU said last month that it would put higher tariffs on Chinese electric vehicle companies to protect EU industry from the “threat of clearly foreseeable and imminent injury.”
Geely will have to pay an extra 20% tax, and BYD will have to pay 17.4% more. SAIC will have to pay 38.1% more in taxes, which is the most of the three companies. This is on top of the normal 10% duty that is already put on EVs that are brought in.
The duties are only temporary right now, but they will go into effect on July 4 if talks with Chinese officials don’t lead to a solution, the commission said in a statement on June 12.
In order to make it easier for European EV makers to compete with cheaper Chinese imports, the EU has set new tax rates on Chinese EVs. This was stated by Liz Lee, assistant head of Counterpoint Research.
“Chinese automakers may be pushed by these tariffs to new markets in Latin America, Southeast Asia, Australia, and New Zealand, as well as the Middle East and Africa,” Lee said.
The study said that global sales of BEVs will hit 10 million in 2024, at the same time that sales of cars with internal combustion engines continue to fall. The growth will be helped by attempts to make EVs and EV cells more cost-effective and accessible.
Source : CNBC News
