The Chinese automaker BYD saw a 47% decline in profits in the first quarter of 2024 compared to Q4 2023. This came after surpassing Tesla in volume deliveries in Q4 2023 but falling behind the US electric vehicle manufacturer in Q1 2024. Tesla faced challenges, including an arson attack on Tesla Giga Berlin, and delivered 386,810 units in Q1 2024.
On the other hand, BYD delivered approximately 300,114 EVs and 324,284 plug-in hybrid cars. BYD faced a challenging first quarter and set lower sales growth goals for the year in March 2024. During a conference, BYD Chairman and President Wang Chuanfu mentioned that the company aims to top deliveries at 3.5 million units this year, including EVs and plug-in hybrids.
Moreover, BYD expects to double exports to more than 500,000 units. However, there are concerns about the overall demand for EVs in China during 2024. Zhao Zhen, a sales director at Wan Zhuo Auto in Shanghai, stated that the weak market sentiment and consumer worries about job prospects and incomes could lead to a 20% decline in demand for EVs.
In conclusion, both BYD and Tesla faced challenges in the first quarter of 2024, with BYD setting lower sales growth goals and concerns being raised about the demand for EVs in China.