Tesla’s China sales break record in 2024
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China became Tesla’s second largest market
Tesla’s deliveries to China in 2024, 36.7 percent of total sales created. In December, 83,000 vehicles were sold, an increase of 12.8 percent compared to the previous month. However, exports of Tesla’s vehicles produced in China to Europe and other markets decreased by 24 percent. This led to the company’s global deliveries dropping 1.1 percent, missing Elon Musk’s growth forecast.
Tesla’s exports from China to Europe have been hit by the European Commission’s year-long subsidy investigation into Chinese electric vehicles. In October, the European Union banned Tesla’s Chinese-made vehicles. 7.8 percent customs duty tax implemented. This has caused annual deliveries from Tesla’s Shanghai factory to decline.
By 2024, Tesla will surpass its Chinese rival by selling 1.79 million electric vehicles globally. Narrowly ahead of BYD took place. BYD increased its electric vehicle sales by 12.1 percent, reaching 1.76 million units. BYD’s total passenger vehicle sales increased by 41 percent exceeded 4.25 million. The company’s international sales increased by 71.9 percent, reaching 417,204 units, but additional tariffs of 17 percent in Europe affected growth.
China dominates the global electric market
China, home to 70 percent of global electric vehicle and hybrid sales, provided more than 90 percent of worldwide growth in 2024. Tesla has extended its 10,000 yuan ($1,370) credit discount on the Model Y and its zero-interest, five-year financing offer on some Model 3 and Model Y vehicles until the end of January, as the price war in China enters its third year. BYD, on the other hand, reinforces its leadership by maintaining its price advantages while continuing to compete with Dynasty and Ocean series vehicles.
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