BYD, A Tesla Rival, Maintains Second Spot In EV Battery Makers Market: Report

Author: Nabaparna Bhattacharya | June 06, 2024 09:36am

BYD Co., Ltd. (OTC:BYDDY) (OTC:BYDDF) maintains its position as the world’s second-largest EV battery manufacturer from January to April.

Between January and April, global electric vehicle (EV) battery consumption reached 216.2 GWh. This marks a 21.8% increase from the previous year, CnEV Post reported.

CnEV sources data from South Korean market researcher SNE Research.

CATL leads the list with battery installations totaling 81.4 GWh from January to April, showing a 30% increase compared to the previous year’s 62.6 GWh, CnEV Post added.

BYD’s power battery installations reached 33.2 GWh in January-April, marking an 18.3% increase from 28.1 GWh last year. Despite a slight drop in market share from the previous year, BYD retained second place, surpassing LG Energy Solution in January-March after trailing behind in January-February.

As per data from the Society of Motor Manufacturers and Traders (SMMT), 596 vehicles from BYD were registered in the U.K. in May, marking a nearly 2,700% jump from last year.

Check This Out: Chinese Automakers Surge In UK As Tesla, Ford Sputter: BYD Leads 2,700% Sales Increase In May

SAIC Motor-owned MG saw registrations jump nearly 15% to 7,223 units while Great Wall Motor‘s Ora brand witnessed a near 206% jump in registrations to 101 units.

U.S. automakers Ford Motor Company (NYSE:F) and Tesla, Inc. (NASDAQ:TSLA), however, did not fare well.

Tesla registrations slumped 8% to 3,152 units while Ford registrations fell 31% to 7,520 units in May. Through 2024, Tesla registrations in the UK slumped nearly 12.6% as of the end of May.

Ford registrations fell nearly 16%.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Image: Courtesy of BYD

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