# BYD surpasses Tesla to claim the top spot in the EV market - Link: https://www.thailand-business-news.com/business/204974-byd-surpasses-tesla-to-claim-the-top-spot-in-the-ev-market - Published: 2025-03-25T11:39:13+07:00 - Author: Supaporn Naksuwan The landscape of electric vehicles has undergone significant changes by 2025, with China’s BYD establishing itself as the leading player, while Tesla, led by Elon Musk, encounters increasing difficulties on several fronts. ## Key Points * **BYD has surpassed Tesla in revenue** for 2024, reporting $107 billion compared to Tesla’s $97.7 billion. * **BYD overtook Tesla in battery-electric vehicle sales in Q4 2023**, with BYD selling about 526,000 compared to Tesla’s 484,500. * **Market Dynamics in Thailand**: Chinese brands, including BYD, MG, and NETA, accounted for 89% of EV sales from January to April 2024 (Auto Innovator), leaving Tesla and other non-Chinese brands with a combined 11%. * **Tesla’s Position in Thailand**: Tesla appeals to a premium segment but faces challenges from Chinese brands’ price advantage and Thailand’s subsidy structure, which dropped from 150,000 Baht per EV in 2023 to 100,000 Baht in 2024. In the fourth quarter of 2023, BYD sold 526,000 battery-only vehicles, outpacing Tesla’s 484,500 deliveries for the same period, marking a significant milestone ( [BBC News](https://www.bbc.com/news/business-67860232)). This trend appears to have continued into Q4 2024, with BYD delivering about 595,000 battery-electric vehicles compared to Tesla’s 496,000, based on recent reports. However, for the full year of 2024, Tesla maintained higher annual sales at 1,789,226 vehicles, while BYD sold 1,764,992 battery-electric vehicles, showing Tesla still leads annually ([Tesla Sales Statistics](https://tridenstechnology.com/tesla-sales-statistics/)). ADVERTISEMENT An unexpected detail is that BYD’s total NEV sales, which include plug-in hybrids, reached 4.27 million in 2024, far exceeding Tesla’s figures due to their broader product range, but this isn’t a direct comparison for battery-only EVs ([BYD Sales Statistics](https://tridenstechnology.com/byd-sales-statistics/)). ## Sales Data and Quarterly Performance The first notable instance of BYD overtaking Tesla occurred in the fourth quarter of 2023. According to [BBC News](https://www.bbc.com/news/business-67860232), BYD sold a record 526,000 battery-only vehicles in Q4 2023, surpassing Tesla’s 484,500 deliveries for the same period. This marked the first time BYD outpaced Tesla in a quarter for battery-electric vehicle sales, a significant shift in the EV market. [Forbes](https://www.forbes.com/sites/neilwinton/2024/01/03/byd-overtakes-tesla-with-other-chinese-ev-makers-close-behind/) corroborated this, noting BYD sold about 530,000 EVs in Q4 2023, beating Tesla’s 485,000. This trend continued into Q4 2024, with reports indicating BYD delivered approximately 595,000 battery-electric vehicles, compared to Tesla’s 496,000, as per [Economic Times](https://economictimes.indiatimes.com/news/international/us/this-chinese-company-has-overtaken-tesla-as-worlds-largest-maker-of-pure-electric-cars-heres-how-it-outsmarted-elon-musk/articleshow/116947090.cms?from=mdr). However, annual figures tell a different story. In 2023, Tesla delivered 1.8 million vehicles, while BYD sold 1.57 million battery-only vehicles, with total NEVs (including hybrids) at over 3 million ([The Guardian](https://www.theguardian.com/environment/2024/jan/02/chinas-byd-overtakes-tesla-as-top-selling-electric-car-seller)). By 2024, Tesla’s sales were 1,789,226, slightly down from 2023, while BYD’s battery- electric sales reached 1,764,992, still trailing annually ([Tesla Sales Statistics](https://tridenstechnology.com/tesla-sales-statistics/), [BYD Sales Statistics](https://tridenstechnology.com/byd-sales-statistics/)). ## Annual and Cumulative Trends Despite quarterly successes, BYD has not overtaken Tesla in full-year battery-electric vehicle sales as of 2024. Cumulative sales from 2023 to 2024 show Tesla at 3.59 million (1.8 million in 2023 + 1.79 million in 2024), compared to BYD’s 3.33 million battery-only vehicles (1.57 million in 2023 + 1.768 million in 2024, based on earlier data). However, BYD’s total NEV sales, including plug-in hybrids, reached 4.27 million in 2024, a 41.3% increase from 2023, driven by strong domestic and international demand ([Car News China](https://carnewschina.com/2025/01/01/byd-sold-record-breaking-4-3-million-vehicles-in-2024-a-41-increase-from-2023/)). This highlights BYD’s broader market strategy, but for direct comparison with Tesla, battery-only sales are more relevant. ## Market Context and Competition The competition between BYD and Tesla is not just about numbers but also market strategy. BYD’s growth is fueled by competitive pricing, with models like the Dolphin priced at around $33,000 in Britain, nearly a third less than competitors like VW ID.3, giving it a price advantage ([Forbes](https://www.forbes.com/sites/neilwinton/2024/01/03/byd-overtakes-tesla-with-other-chinese-ev-makers-close-behind/)). ### Related**Posts** ### 󠀁[Nio is growing its Firefly business in Thailand with a new standalone store and an upgraded electric vehicle](https://www.thailand-business-news.com/companies/335225-nio-expands-firefly-business-in-thailand-with-standalone-store-and-updated-ev)󠁿 ### 󠀁[Delta Thailand Q3 Sales Surge 42.4% on AI Demand, Profit Misses Estimates](https://www.thailand-business-news.com/business/336934-delta-thailand-q3-sales-surge-42-4-on-ai-demand-profit-misses-estimates)󠁿 ### 󠀁[Thailand, ASEAN and Asian Markets — Morning Briefing](https://www.thailand-business-news.com/china/336918-thailand-asean-and-asian-markets-morning-briefing)󠁿 ### 󠀁[China’s Growth Rebounds While Home-Price Slump Eases](https://www.thailand-business-news.com/china/335333-chinas-growth-rebounds-while-home-price-slump-eases)󠁿 Tesla, meanwhile, enjoys strong brand power and innovation, particularly in markets like the U.S. and China, but faces increasing pressure from Chinese manufacturers. In 2024, Tesla saw a 1.1% annual sales drop, its first since 2011, amid global competition and shifting consumer preferences ([AP News](https://apnews.com/article/tesla-sales-2024-drop-electric-vehicles-69af17c4e606625694af8293db25b2f3)). BYD’s international expansion, with sales surging 83% overseas in January 2025 and plans for factories in Europe and Latin America, positions it for further growth( [Electrek](https://electrek.co/2025/02/03/byd-sales-overseas-surge-new-record-global-ev-plans-unfold/)). Tesla, on the other hand, is expanding in Germany and Mexico, but faces challenges like reduced European subsidies and U.S. shifts toward hybrids ([Reuters](https://www.reuters.com/business/autos-transportation/teslas-china-sales-rise-record-high-83000-december-2025-01-03/)). ## Production Capacity and Future Outlook Production capacity also plays a role. BYD produced over 3 million NEVs in 2023, surpassing Tesla’s 1.84 million, and hit milestones like producing its 10 millionth NEV by December 2024, showing efficiency gains ([CNBC](https://www.cnbc.com/2024/01/02/byd-produced-more-than-3-million-cars-in-2023-set-to-beat-tesla.html), [Teslarati](https://www.teslarati.com/byd-vs-tesla-china-speed/)). Tesla’s Fremont factory can produce up to 650,000 vehicles annually, but BYD’s rapid scaling, with nearly 1 million employees by September 2024, suggests it could challenge Tesla’s lead in future years ([EVBoosters](https://evboosters.com/ev-charging-news/tesla-vs-byd-a-battle-of-global-production-capacity/)). Looking ahead, analysts predict BYD could sell 5 to 6 million cars in 2025, potentially aligning with global leaders like GM and Stellantis, while Tesla aims to maintain its innovation edge ([Reuters](https://www.reuters.com/business/autos-transportation/byd-track-top-2024-sales-goal-outsell-ford-honda-2024-12-09/)). The gap in battery-only sales is narrowing, and with BYD’s growth trajectory, it may overtake Tesla annually in the near future, though as of March 25, 2025, this has not yet occurred. ## Detailed Comparison Table Below is a table summarizing key sales and production figures for 2023 and 2024: | Year | Metric | BYD (Battery-Only) | BYD (Total NEV) | Tesla (Battery-Only) | | 2023 | Annual Sales | ~1.6 million | >3 million | 1.8 million | | 2023 | Q4 Sales | 526,000 | – | 484,500 | | 2024 | Annual Sales | 1,764,992 | 4.27 million | 1,789,226 | | 2024 | Q4 Sales | ~595,000 | – | 496,000 | Note: BYD’s total NEV includes plug-in hybrids, not directly comparable to Tesla’s figures. Q4 2024 figures for BYD are approximate based on reports. BYD’s overtaking of Tesla in Q4 2023 and Q4 2024 for battery-electric vehicle sales highlights its growing dominance, particularly in quarterly performance. However, Tesla retains the lead in annual battery-only sales as of 2024, with the gap closing. The broader context, including BYD’s lead in total NEV sales and international expansion, suggests a shifting landscape, with future years likely to see further competition. ## BYD and Tesla Market Share in Thailand As of March 25, 2025, here’s an overview of BYD and Tesla’s market shares in Thailand’s electric vehicle (EV) market for 2024, based on the latest available data. ## Key Factors * **BYD’s Advantage**: Competitive pricing (e.g., Atto 3 at 1.099 million Baht), a robust dealership network via Rever Automotive, and local production capacity( 150,000 vehicles annually) have driven its dominance. * **Tesla’s Position**: Tesla appeals to a premium segment but faces challenges from Chinese brands’ price advantage and Thailand’s subsidy structure, which dropped from 150,000 Baht per EV in 2023 to 100,000 Baht in 2024. * **Market Dynamics**: Chinese brands, including BYD, MG, and NETA, accounted for 89% of EV sales from January to April 2024 (Auto Innovator), leaving Tesla and other non-Chinese brands with a combined 11%. ### Total EV Market in Thailand (2024) Thailand’s EV market has grown significantly, with total EV sales for 2024 estimated at around 88,200 units. This figure is derived from a total vehicle sales number of 572,675 (down 26% from 2023, per Nikkei Asia) and an EV penetration rate of 15.4%( reported by Bangkok Post). This aligns with the market’s trajectory after a surge in 2023, supported by government subsidies and infrastructure development. ### BYD Market Share BYD, the Chinese EV giant, has emerged as a leader in Thailand. For 2024, BYD sold approximately 28,238 units from January to October, based on data from Nation Thailand showing 23,532 units sold in that period with a 7.6% year-on-year increase. Extrapolating for the full year (assuming consistent sales in November and December), BYD’s market share is calculated as: * 28,238 / 88,200 ≈ **32%** This is consistent with reports from Car News China, which noted BYD commanding over one-third of Thailand’s pure EV market in 2024, bolstered by models like the Atto 3 and local production from its Rayong factory, operational since July 2024. ### Tesla Market Share Tesla, entering Thailand in late 2022, holds a smaller slice of the market. In 2023, Tesla sold 8,206 units (Nation Thailand). Assuming a modest 10% growth in 2024 due to market expansion but fierce competition from cheaper Chinese brands, Tesla’s sales are estimated at around 9,000 units. This gives Tesla a market share of: * 9,000 / 88,200 ≈ **10.2%** Tesla’s higher pricing (starting at 1.7 million Baht) and lack of local manufacturing( after scrapping factory plans, per Nation Thailand) have limited its growth compared to BYD. BYD significantly outpaces Tesla in Thailand, leveraging affordability and local production, while Tesla maintains a foothold with its brand strength but struggles against the tide of Chinese competition.