Tesla’s gross margin fell to a new low in the second quarter of 2024 after declining in each quarter since the first quarter of 2022. However, thanks to an increase in deliveries in recent months, the U.S. automaker and pioneer in bringing battery electric vehicles (BEVs) to the mass market still retained the largest market share of all EV manufacturers globally.
According to analyses by EV Volumes and Inside EVs, last year and in the first three months of 2024. Tesla’s share remained steady at 19 percent.
Competition is hot on Tesla’s heels
As the Statista chart shows, the Chinese company BYDwhich, in addition to plug-in hybrid vehicles and fully electric cars, also produces batteries and electronics for electric cars, in 2021-2023 it increased its market share by ten percentage points.
In the first quarter of this year, BYD’s share fell by two percentage points, but in the period from April to June 2024, the Chinese company sold only 18,000 fewer cars than Tesla.
Other competitors are far behind
Other automakers like Volkswagen and Geely-Volvo had a 7 percent share of the electric vehicle market. SAIC, which includes the Chinese state’s joint venture SAIC Motor and Wuling, also had a comparable 7 percent share.
According to EV Volumes, In 2023, 14 million electric vehicles will be sold worldwideh, of which 70 percent were battery electric vehicles (BEVs). However, 84 percent of all light-duty vehicles sold were still powered by traditional internal combustion engines or other non-electric fuel sources.
China was the largest exporter and market for both hybrid and electric vehicles with shares of 65 and 59 percent, respectively.
Electric car market. Companies’ share in the market in 2021-2024 / Forsal.pl
