Tesla Inc. (NASDAQ:TSLA) rival BYD Co. Ltd. (OTC:BYDDY) (OTC:BYDDF) has edged past Elon Musk's EV giant in global sales for the first time, according to the International Council on Clean Transportation or ICCT.
What Happened: Chinese automakers are "building significant leads in the zero-emission vehicle (ZEV) market," the ICCT said in a press release as part of its third annual Global Automaker Rating on Tuesday.
BYD exceeded Tesla for the first time in 2024 in BEV (Battery Electric Vehicle) sales, the report says, while maintaining that both companies remain "leaders" in the ratings.
The report also says that the Chinese domestic market now accounts for over 11 million EVs sold annually, which is "more than half" of the total EV sales throughout the globe.
Why It Matters: The news comes in as BYD has been expanding its presence throughout multiple countries, with Europe currently a key area for the Chinese EV giant.
The company recently launched its best-selling model in Europe, the Seagull EV, which would be called the Dolphin Surf EV in the region for $26,000. This comes in as the automaker overhauled its European strategy after it failed to meet targets set when it entered the region.
On the other side of the coin, BYD has been facing criticism over its aggressive discounts amid China's ongoing EV price war. The company recently released the Seal 06 EV sedan in China, retailing for $15,000.
Check out more of Benzinga's Future Of Mobility coverage by following this link.
Read Next:
- Xpeng Receives 10,000 Pre-Orders In Under An Hour For New Tesla Model 3 Rival: Report
Photo courtesy: Tada Images / Shutterstock
