EV Daily | Tesla Faces Sales Decline Amidst BYD's Surge and Global EV Market Growth

【Tesla】

Tesla’s sales in California, a key EV market, have declined by 11.6% in 2024, marking the company's first annual drop in a decade. Despite the overall EV market growth of 20% excluding Tesla, the brand's market share in California decreased to 52.5%. Tesla's sales also plummeted in Europe, with many attributing the decline to dissatisfaction with CEO Elon Musk. The transition to a new Model Y and a reduction in inventory for Q1 further affected Tesla's performance. Additionally, Tesla's insurance product now offers discounts for using its "Full Self-Driving" feature, although the discount is modest at up to 10%.

【BYD】

BYD has achieved remarkable success in overseas markets, setting a new record with an 83% increase in sales in January 2025. The company sold over 300,500 new energy vehicles, including 125,377 EVs and 171,069 plug-in hybrids. BYD's Song Plus and Seagull EV models were top sellers, and the company is expanding its production capacity globally with new plants in several countries. The brand continues to rise in global rankings, already outselling Honda and Nissan in 2024.

【Others】

Volvo's EX30 has become a leading EV in Europe and is now available in the US, priced from $44,900. The EX30 offers impressive performance with up to 422 hp and an EPA-estimated range of 253 miles. Volvo also introduces the EX90 and EX40 models in the US market.

Chevrolet is offering 0% financing on its EV models, including the Silverado, Blazer, and Equinox. Honda's Prologue, built in GM's Ramos Arizpe plant, is one of the top-selling EVs in the US, though production has been scaled back.

Hyundai has started pre-orders for the IONIQ 9 in South Korea, a three-row electric SUV with a range of up to 330 miles, priced from $41,000 with incentives.

Kia is offering the EV6 and EV9 with competitive financing deals as part of their efforts to capture more market share in the growing EV sector.

Volkswagen's ID.4 production has resumed in its Chattanooga plant, and the new model year promises additional features and options for consumers.

Despite a challenging start in 2025 for EVs due to potential US tariffs, the global EV market continues to expand, with various brands introducing new models and competitive financing options to attract consumers.