BYD overtakes Tesla in UK as October sales surge
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The news: Chinese electric vehicle maker BYD has pulled ahead of Tesla in the UK, notching a sizeable lead in sales over its US rival in October.
The numbers: Data from the UK’s automotive group, the Society of Motor Manufacturers and Traders (SMMT) released on Wednesday showed that BYD registered almost seven times more new cars than Tesla in October. BYD’s sales have surged more than sixfold to 39,103 in the year-to-date in the UK, while Tesla’s sales have dropped 4.5% to 35,455.
The context: The sales increase comes after the EV maker reported a 33% fall in quarterly profit as domestic competition and industry scrutiny in China heap pressure onto the company’s sales outlook.
While Tesla outsold BYD in the UK by an almost 6-1 margin in 2024, the UK has now become BYD’s largest market outside of China, where it has notched a rapid rise. Tesla has also increasingly faced challenges in Europe tied to backlash against CEO Elon Musk and intensifying EV competition.
