BYD, the Warren Buffett-backed carmaker, has reported a significant jump in sales, positioning itself as a formidable competitor to Western electric vehicle makers.

In the first quarter of this year, BYD sold 626,263 new-energy vehicles, comprising both EVs and plug-ins, marking a 13% increase from the previous year.

This surge in sales was particularly pronounced in March, with a remarkable 46% increase following a slight dip in the preceding two months.

At the end of 2023, BYD surpassed Tesla as the world’s largest seller of electric vehicles on a quarterly basis, underscoring its growing influence in the EV market.

Investors are closely monitoring BYD’s performance, especially in comparison to Tesla, which has long dominated the EV space but has experienced a slowdown in sales growth over the past year.

Global sales

In the first quarter of 2024, BYD sold approximately 300,114 pure EVs globally, representing a 13% increase compared to the same period last year.

Additionally, sales of plug-in hybrids, which accounted for 52% of BYD’s total first-quarter sales, rose by 14% to around 324,000 vehicles.

Analysts anticipate Tesla to deliver approximately 457,000 vehicles globally for the January-to-March period, although some predict weaker results, potentially marking the first year-over-year decline in sales since the pandemic lockdowns of 2020.

Tesla CEO Elon Musk has cautioned about slower growth in 2024 as the company focuses on ramping up production of its recently launched Cybertruck.

While Tesla plans to introduce a more affordable EV in late 2025, its current model lineup faces increasing competition from both established automakers and emerging startups in the EV market.