BYD Tops Tesla in European EV Sales For The First Time

Chinese electric vehicle maker BYD (BYDDY) outsold Tesla (TSLA) in Europe for the first time in April, marking a significant shift in the continent’s fast-growing EV market.

BYD’s stock edged 0.3% lower in pre-market trade on Thursday, while Tesla’s stock tumbled 1.6% amid broader market weakness. 

According to new data from JATO Dynamics, electric and hybrid vehicles accounted for a record 26% of new car registrations across Europe last month. 

Battery electric vehicles (BEVs) made up 17% of total registrations, up from 13.4% in April 2024, while plug-in hybrid electric vehicles (PHEVs) reached 9%, up from 6.9% a year earlier.

Chinese brands were a major driver of the surge, with BYD leading the charge. In April, the company posted a 359% year-over-year (YoY) increase in European sales, overtaking Tesla, whose monthly sales dropped 49% from the previous year. BYD recorded 7,231 new registrations, while Tesla saw 7,165 new registrations.

BYD’s growth is fueled by its broad lineup of BEVs and PHEVs, which has allowed it to scale quickly across key European markets.

Data shows it now outsells several legacy automakers in the region, including Fiat, Dacia, and Seat in the U.K., Fiat and Seat in France, Seat in Italy, and Fiat in Spain. 

The company has not yet begun producing vehicles at its new factory in Hungary, suggesting further gains may lie ahead. 

“Although the difference between the two brands’ monthly sales totals may be small, the implications are enormous,” said Felipe Munoz, Global Analyst at JATO Dynamics. “This is a watershed moment for Europe’s car market, particularly when you consider that Tesla has led the European BEV market for years, while BYD only officially began operations beyond Norway and the Netherlands in late 2022.”

BYD’s data shows a 21.3% increase in sales of its new energy vehicles, including BEVs and PHEVs, to 380,089 units in April.

The company reported sales of 372,615 new-energy passenger vehicles and 7,474 commercial vehicles in April, including the 79,086 vehicles sold outside China.

BYD’s stock has gained over 76% this year, while Tesla’s stock has fallen more than 14%.

In the past 12 months, BYD’s stock has gained 110%, compared to Tesla’s gains of 90% during the same period.

For updates and corrections, email newsroom[at]stocktwits[dot]com.

Read also: IBIT On Track To Hit New All-Time High And Crypto Stocks Rally After Bitcoin’s Price Surged Past $111,000