BYD or Tesla, which one would you choose? According to a new UBS survey, BYD is now the top EV brand after widening its lead in China.
BYD is the top choice for EV brands in China
In what is being called a “watershed moment,” BYD sold more electric vehicles than Tesla in Europe for the first time in April.
The latest JATO Dynamics data shows BYD registered 7,231 EVs in Europe last month, up 169% from April 2024. Tesla, on the other hand, registered 7,165 vehicles, 49% fewer than last year. And it’s not just in Europe.
BYD had its best sales week of the year in China earlier this month, registering nearly 68,000 vehicles from May 5 to May 11. During the same period, Tesla’s deliveries dropped to just 3,070, down 69% from the same week in the prior year.
According to the latest UBS Evidence Lab EV Survey, BYD surpassed Tesla as the “top choice” for EV brands in China.
The survey, which includes over 10,000 respondents, shows only 14% now consider Tesla as their top choice, down from 18% last year.
UBS highlighted that it’s not just in China that Tesla is falling out of favor. Globally, 36% of buyers would now consider buying a Tesla. That’s down from 39% last year.
In the US, only 18% consider Tesla as their top EV choice, down from 22% in 2024, while in Europe, that number fell from 20% to 15%. According to UBS, BMW and Audi are both ahead of Tesla in Europe.
The UBS survey said BYD continues to gain traction overseas as the Chinese EV leader expands into new global markets.
It also noted that delaying or slowing EV investments is not the answer for global OEMs. The note states, “Truly global OEMs have to press ahead with BEV innovation.” According to UBS, BMW, BYD, Kia, Toyota, and GM are better positioned for growth among major OEMs.
After launching another round of price cuts in China this week on its top-selling EVs, BYD is putting even more pressure on Tesla.
