The world number 2 in electric could overtake Tesla in the days to come

Still number 2 in electric vehicles in the world, the Chinese giant BYD could finally overtake Tesla at the end of this year. The two manufacturers are neck and neck, while 2024 promises to be very difficult for Elon Musk’s firm.

With more than 1.3 million cars sold this year, Tesla has already broken its record from last yearwhile the firm is aiming for the two million mark in 2023. And there is no doubt that it should achieve this objective, despite a slight delay caused by the launch of the Model 3. But be careful, because the company must face a increasingly tough competition.

From number 2 to world leader

This comes particularly from Chinese manufacturers, many of whom have tried their luck in Europe in recent months. A very promising market, despite Brussels which is putting obstacles in their way. And inevitably, the arrival here of these brands like MG, Nio or even BYD does a lot of harm to Tesla, which finds itself heckled from all sides.

However, this is not really a surprise, since specialists were already warning about the latter last year. A prediction that came true for the brand, which nevertheless still remains the world number 1 in electric vehicles. However, she must be wary of one rival in particular, who places herself currently on the 2nd step of the podiumand this for several months already.

This is BYD, which is preparing the construction of its new factory in Hungary. And for good reason, the Chinese company based in Shenzhen is gaining momentum and even got closer to Tesla during the 3rd quarter. The two rivals had in fact sold almost as many electric cars as each other. And as explained a report published by Counterpoint ResearchBYD could overtake its competitor once and for all this year.

The firm specializing in data of all kinds indicates that the latter has reached a global market share of 17% during the 3rd quarter of 2023. Thus, the Chinese manufacturer equalizes with Tesla, which displays a strictly identical figure. But if the American firm’s sales have increased by 27% in one year, those of BYD have exploded.

BYD in force

The firm, which caused a sensation at the last Paris Motor Show, saw its global registrations increase by 68% in just one year. At the same time, Volkswagen remains the 3rd largest seller of electric cars in the world with a market share of 8%, despite great difficulties. Looking at the ranking of the best-selling models, here again BYD dominates by far.

If the Tesla Model Y remains in the lead, while it also dominates the European market, it is followed by the Yuan Plus, sold here under the name Atto 3. The Model 3 comes in 3rd position, followed by the BYD Dolphin and Seagull, displayed at very low prices. Enough to give Elon Musk a cold sweat, since his Chinese rival is also preparing other launches, including the recently unveiled Yuan Up.

And BYD does not intend to spare its efforts or its competitors, while it is already in the top 5 of market leaders thanks to its hybrid cars. Moreover, he also wants to count on this engine to do even more harm to Tesla in the coming years. He would also have to focus on very competitive prices, since his cars would cost less to produce than those of his enemy.

This is how the Asian firm is already planning a merciless price war for next year, from which it intends to emerge victorious. And everything seems set for this to be the case, although Tesla should respond with its future Model 2 which is getting very close.