A new report on Tuesday said that Chinese EV giant BYD was set to beat Tesla in battery EV sales in 2024.
BYD beat Tesla in total production last year, but lost the top EV vendor spot to the U.S. giant in the first quarter.BYD, however, manufactured 1.6 million battery-only passenger cars and 1.4 million hybrids, putting Tesla on top in terms of BEV production.Counterpoint said China"remains a dominant force in the BEV market" with BYD leading the way. China's BEV sales are estimated to be four times that of North America's in 2024, the research firm said.
China will continue to hold more than 50% market share of global BEV sales until 2027 and Chinese BEV sales are projected to top the combined sales of North America and Europe in 2030, according to Counterpoint.be subject to additional tariffs of 17.4%, Geely will invite an extra 20% duty. SAIC will have to pay additional duties of 38.1% — the highest among the three.
"The EU's new tariff rates for Chinese EVs aim to level the playing field for European EV manufacturers, which are struggling to compete with lower-priced Chinese imports," said Counterpoint Research's associate director Liz Lee.
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