BYD reported a 42% fall in its electric vehicle deliveries in the first three months of the year compared to the final quarter of 2023, allowing Tesla to reclaim the crown as the world’s largest seller of battery electric vehicles, reports the Financial Times. Flagging demand and increasing competition in its home market, as well as the timing of Chinese new year, saw BYD sell 300,114 battery-only vehicles in the March quarter, a Hong Kong stock exchange filing showed on Monday.
The company, backed by Warren Buffett, overtook Tesla in EV sales during the final quarter of 2023, when it shifted 526,409 electric vehicles compared to 484,507 sold by Tesla between October and December.
On Tuesday, Tesla posted sales of 386,810 vehicles in the first three months of 2024, below an expected 450,000 but more than that of its Chinese rival.
