Move over Tesla: BYD has caught up and is expected to take the lead in global BEV market share
As we navigate the final half of the last month of 2023, there’s a genuine chance that Chinese automaker Build Your Dreams (BYD) will take the crown from Tesla as the leader in global BEV market share. A global technology research firm thinks so based on BYD’s continued growth that led to it catching Tesla in Q3.
Today’s news is more of an affirmation than anything, as BYD’s global market share has been trending upward for well over a year, and as the current leader, Tesla has long had a target on its back.
BYD Auto is the automotive subsidiary of BYD Company, founded two decades ago to develop and produce passenger cars, buses, trucks, and forklifts for China. More recently, it shifted its manufacturing focus to BEVs and plug-in hybrid EVs, making its final combustion vehicle in March of 2022 while striving to become a globally recognized all-electric brand.
If you count PHEV sales, BYD already overtook Tesla in global market share in 2022 – but this is Electrek, so it’s BEVs or bust. Still, analysts were already predicting BYD taking the sales crown in 2023 as far back as January, long before we saw any quarterly numbers.
Since then, we’ve seen BYD deliver a handful of new BEV models designed to compete against… you guessed it, Tesla. Meanwhile, Tesla’s Model Y remains the best-selling BEV on the planet, and the American automaker was recently able to stumble over the finish line in delivering Cybertrucks to customers.
Each month, we’ve seen record sales from BYD leading up to its best quarter ever in Q3. Now, the usurping of Tesla for the global BEV sales crown feels imminent, and there’s data to back it up.
Tesla will likely lose market share lead to BYD this quarter
Nothing will be official until we see the Q4 BEV sales numbers for 2023, but trends leading up to this point tell us that BYD is poised to become the global market share leader if it hasn’t already. By the end of Q3 2023, BYD had caught up with Tesla, holding 17% of all global BEV sales – 68% YoY growth, according to tech research firm Counterpoint.
Tesla continues to grow as well but at a slower rate. It maintained 17% of the global market YoY but only saw 27% growth. Both automakers are impressive in their own right, as BYD leads a Chinese BEV market that holds 58% of the global share, while Tesla remains the clear leader in a much smaller US market that only controls about 12% of BEV sales. According to Counterpoint Research, the top five best-selling BEV models worldwide are donning a badge from Tesla or BYD.
Germany, the world’s third largest BEV market behind China and the US, also saw 60% YoY growth in Q3, led by Volkswagen Group, which recently admitted it is “no longer competitive” and is cutting jobs to try and keep up with Tesla. In 2022, Bloomberg predicted VW Group would overtake Tesla in 2024 – boy, were they mistaken.
Many US automakers not named Tesla are dialing back their EV production efforts entering 2024, leaving the opportunity for a more significant gap between BYD, Tesla, and the rest of the OEMs. Tesla is leveling out a bit as it’s no longer the only viable BEV brand. Still, BYD appears to be accelerating and has plenty of infrastructure to wield as it expands further into Europe, Southeast Asia, and even North America, Tesla’s home turf.
When fiscal year 2024 reports come out, it likely won’t be a matter of “if” BYD overtakes Tesla in BEV market share, but rather, “by how much.” All eyes are on next year.
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On today’s sunny side up episode of Quick Charge, we take a look at the latest from the world of solar power, and discuss Congressional Republicans’ plans to limit your energy independence by eliminating a critical tax credit for homeowners nearly ten years early. (!)
We’ve also got a quick review of a massive solar farm powering 200,000 homes in Indiana and the biggest solar project East of the Mississippi – both part of a record 98% of all new power generation and grid capacity introduced in 2025 coming from wind and solar. Those are jobs, those are lower utility rates, those are energy independence … so why are Congressional Republicans working to make that more expensive?
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If you want to read that EnergySage report on the state of the home solar industry, including news about battery energy storage system and V2H/V2G prices and financing trends, you can check it out for yourself, below, then let us know what you think in the comments.
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If you’re considering going solar, it’s always a good idea to get quotes from a few installers. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. It has hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use, and you won’t get sales calls until you select an installer and share your phone number with them.
Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.
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A Waymo autonomous vehicle drives along Masonic Avenue on April 11, 2022 in San Francisco, California.
Justin Sullivan | Getty Images News | Getty Images
Alphabet’s Waymo unit has received approval to expand its autonomous ride-hailing service to more parts of the San Francisco Bay Area, including San Jose.
In March, the company submitted a request to the California Public Utilities Commission to gain approval for its latest passenger safety plan, a key step in gaining permission to operate driverless vehicles across a broader area. On Monday, the proposed expansion was approved, allowing for Waymo’s driverless coverage to extend from San Francisco down through the Peninsula.
“We’re very excited to share that the CPUC has approved our application to operate our fully autonomous commercial ride-hailing service in the South Bay and nearly all of San Jose!” the company wrote in a post on X on Monday. “While this won’t change our operations in the near-term, we’re looking forward to bringing the benefits of Waymo One to more of the Bay Area in the future.”
The $5 billion Empire Wind is back in business. The Trump administration’s Bureau of Ocean Energy Management (BOEM) has lifted its stop-work order for Empire Wind, a major offshore wind project off the coast of New York led by Empire Offshore Wind LLC, a subsidiary of Equinor. Construction is now allowed to resume.
Equinor CEO Anders Opedal welcomed the news, saying the restart reinforces Equinor’s commitment to delivering clean energy while supporting local economies and saving thousands of jobs. He also credited a wide coalition of officials for helping get the project back on track, including Trump, New York Governor Kathy Hochul, and congressional leaders like Senator Chuck Schumer and Representative Dan Goldman. Opedal also thanked the Norwegian prime minister and the minister of finance for raising the issue with the US administration.
Governor Hochul said in a statement that “countless conversations with Equinor and White House officials” had taken place.
Neither the BOEM nor the Department of the Interior has issued a comment.
The Trump administration halted construction of the 54-turbine Empire Wind on April 16, but discussions between Equinor, regulators, and leaders at the federal, state, and city levels led to a reversal. That means Empire Wind can now push ahead with its goal of powering 500,000 New York homes with offshore wind energy.
“This project delivers on the energy ambitions shared by the US and New York by providing a vital new source of power to the region,” said Molly Morris, president of Equinor Wind US. She added that Empire Wind is boosting supply chain investments across the country, with activity in New York, Louisiana, Pennsylvania, Texas, and South Carolina.
Equinor plans to reassess the project’s financials in the second quarter. The goal is still to install turbines offshore in 2025 and hit full commercial operation by 2027. The company says it will work with suppliers and regulators to minimize any delays from the month-long pause.
Empire Wind was first awarded its offshore lease in 2017 after a competitive federal process. It received its final construction green light in early 2024 following an extensive environmental review. Construction kicked off shortly after, and the project is now over 30% complete.
The US is a major market for Equinor. The Norwegian energy giant says it has invested around $60 billion in US energy projects since the early 2000s, more recently in low-carbon solutions, critical minerals, and renewables. Empire Wind is one of its flagship projects in the US.
Read more: Trump admin halts $5 billion NY offshore wind project mid-build
If you’re considering going solar, it’s always a good idea to get quotes from a few installers. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. It has hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use, and you won’t get sales calls until you select an installer and share your phone number with them.
Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.
FTC: We use income earning auto affiliate links. More.
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