Tesla has reclaimed its position as the global leader in Battery Electric Vehicle (BEV) sales after BYD's first-quarter sales saw a significant drop of 43 percent in Q1 2024, versus the previous quarter, according to official filings.

BYD reported sales of 300,114 BEVs in Q1 2024, a sharp decrease from its record quarterly high of 526,409 units in the previous quarter.

Also read: Tesla again teases ASEAN region expansion plans to chase BYD's lead

Tesla, on the other hand, delivered 386,810 units in the first quarter of 2024, a 20 percent decrease from the previous quarter, highlighting stronger resilience in the face of softer overall demand for BEVs globally, particularly in the Chinese market. Tesla delivered 484,507 units in the last quarter of 2023. 

The popular Model 3 and Model Y account for over 95 percent of Tesla’s Q4 2023 and Q1 2024 sales results.

However, suppose we were to take BYD’s broader sales figures, to include its PHEV passenger car models (excluding commercial vehicles). The Chinese manufacturer still leads overall with 626,263 units sold in Q1 2024 up 13 percent year-on-year.

That said, BYD’s Q1 2024 results are still significantly lower than the record highs it achieved in Q4 2023, delivering 944,779 units globally.

Here’s a summary table of the sales numbers of both Tesla and BYD:

According to Automotive News Europe, BYD has responded to Tesla's price cuts and has adjusted its strategy by reducing the prices of its latest vehicle lineup by 5 to 20 percent this year.

BYD aims for a 20 percent sales increase in 2024, targeting a total of 3.6 million vehicles.