BYD has started 2025 with remarkable momentum, seeing a 58% surge in sales during the first quarter compared to the same period last year, solidifying its position as a dominant force in the electric vehicle (EV) market.
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Released data reveals that the Chinese automotive giant delivered 371,419 passenger vehicles in March, culminating in a total of 986,098 units for the first three months of the year. Notably, 416,388 of these were pure electric vehicles, underscoring BYD’s exclusive focus on EVs and hybrids following its 2022 discontinuation of combustion engine vehicle production.
These figures present a stark contrast to those projected for its US rival, Tesla, which exclusively manufactures EVs. Analysts estimate Tesla’s first-quarter sales may range from a conservative 340,000 to a more optimistic 377,000 units.
Tesla CEO Elon Musk’s engagement in American and international politics has reportedly impacted the EV brand, leading to a noticeable sales downturn across Europe and the US. In China, where Tesla operates a substantial factory near Shanghai, the company faces intense competition from domestic manufacturers like BYD.
Over the past month, BYD, under the leadership of founder Wang Chuanfu, has unveiled a series of groundbreaking product innovations, including complimentary smart driving technology for most of its models and an ultra-fast charging system capable of adding 400km of range in a mere five minutes, generating significant market buzz.
BYD’s stock has surged by approximately 45% this year, while Tesla’s has plummeted by 36%, significantly impacting Musk’s personal wealth.
Shenzhen-based BYD has set an ambitious target of selling around 5.5 million vehicles in 2025, with projections indicating 800,000 of those being exports. This reflects the company’s commitment to global expansion, despite facing tariffs from the EU and the US. Due to high import levies and restrictions on smart driving EV technology, BYD currently does not sell passenger cars in the US.
Last week, BYD announced record-breaking net income and full-year revenue exceeding US$100 billion, surpassing Tesla in this critical financial metric.
In March, BYD’s passenger vehicle sales comprised 166,109 battery EVs and 205,310 plug-in hybrids.
