BUSINESS

Despite a YoY dip, Musk’s Tesla has reclaimed the top spot in battery EV sales

Elon Musk’s Despite a 9% (year over year) fall in BEV (battery electric vehicle) sales in the first quarter (Q1) of 2024, Tesla has reclaimed the top spot, according to new research released on Monday.

According to Counterpoint Research, Tesla leads the industry in BEV sales with a 19% market share in Q1.

Within the top three OEMs (original equipment manufacturers), only BYD Group saw growth, rising 13% year over year, while VW and Tesla had declines of 4% and 9% year over year, respectively.

In Q1 of this year, worldwide sales of passenger electric vehicles (BEVs and PHEVs) rose by 18% (year over year), according to the research.

PHEV (plug-in hybrid EV) sales increased 46% year over year during the quarter, while BEV sales increased by a meager 7%.

“The cheaper upfront cost of PHEVs when compared to BEVs and the availability of a fuel tank that eliminates range anxiety were among the main reasons for high PHEV demand,” said Research Analyst Abhik Mukherjee.

According to the survey, Tesla and BYD are able to provide competitive pricing because they have been able to reduce their production costs for BEVs.

Other manufacturers, such as Ford and GM, which are finding it difficult to cut their production costs, are feeling the strain from this. The EV industry is expected to rise significantly in 2024, according to experts, but there are also indications of a downturn, and yearly growth may not exceed 20 percent.

“The levelling off of early-adopter interest suggests a shift in consumer dynamics to the mass market in the long term and a new phase of evolution for the EV industry,” Liz Lee, Associate Director, stated.

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