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Tesla (NASDAQ: TSLA) regained the global battery electric vehicle (BEV) crown over BYD (HKG: 1211, OTCMKTS: BYDDY) in the first quarter, after being overtaken by the latter for the first time ever in the previous quarter, although its numbers slipped.
The US electric vehicle (EV) maker delivered 386,810 vehicles in the first quarter, down 8.53 percent year-on-year and down 20.16 percent from the fourth quarter of 2023, according to figures it released today.
This is the first time Tesla deliveries have seen a year-on-year decline since the second quarter of 2020, and well below analysts’ estimates of 449,080 units.
“Decline in volumes was partially due to the early phase of the production ramp of the updated Model 3 at our Fremont factory and factory shutdowns resulting from shipping diversions caused by the Red Sea conflict and an arson attack at Gigafactory Berlin,” Tesla said.
BYD sold 300,114 passenger BEVs in the first quarter, up 13.4 percent year-on-year but down 42.99 percent from the fourth quarter of last year, according to figures released yesterday.
The larger decline from the fourth quarter of 2023 has BYD handing the BEV crown back to Tesla.
In the fourth quarter, BYD sold 526,409 passenger BEVs, 8.65 percent more than Tesla’s 484,507 deliveries, marking the first time it has outpaced the latter in the BEV segment.
Including plug-in hybrid electric vehicles (PHEVs), BYD sold 626,263 vehicles in the first quarter, up 13.44 percent year-on-year but down 33.71 percent from the fourth quarter of 2023.
The less expensive Model 3 sedan and Model Y crossover delivered 369,783 vehicles in the first quarter, down about 10 percent year-on-year and below market estimates of 426,940.
Other models, including the Model S, Model X, and Cybertruck, delivered 17,027 vehicles in the first quarter.
Tesla delivered 220,876 China-made vehicles in the first quarter, down 3.68 percent from 229,322 in the same period a year ago, data compiled by CnEVPost showed.
That means China-made vehicles contributed 57.1 percent of Tesla’s global deliveries in the first quarter, the highest since the first quarter of 2022.