China EV giant BYD reported electric vehicle sales topped 500,000 for the first time in October, continuing a sales surge. Notably, BYD seems on track to reclaim the BEV crown from Tesla in the fourth quarter. That's after topping Tesla revenue for the first time in Q3.
BYD stock fell modestly on Friday, below a buy point. Tesla stock dipped.
BYD sold 502,657 EVs for the month, up 66.5% vs. a year earlier and 19.8% from September's prior record of 419,166.
For passenger vehicles, BYD sold 310,912 plug-in hybrids (PHEVs) and 189,614 fully battery electric vehicles (BEVs). PHEV sales have surged due to consumer demand and thanks to a next-generation hybrid system.
Sales are expected to keep rising through the fourth quarter, traditionally the strongest period for China EV sales. BYD has been production constrained, which could limit further growth, but it did make a record 536,134 vehicles last month.
Simply maintaining October's sales in November-December would mean that BYD's BEV sales would total 568,842 in Q4. That would almost certainly trump Tesla. On the Q3 earnings call, Elon Musk said he expects full-year deliveries to edge past 2023's 1.808 million. That implies Q4 deliveries of 515,000 or more.
Meanwhile, BYD has sold 3,250,532 vehicles so far this year and appears set to easily pass its 2024 target of four million.
The Once And Future BEV King?
In Q4 2023, BYD did top Tesla in BEV sales, but the U.S. EV giant has regain the crown in 2024.
If BYD is the BEV crown in Q4 2024, it may not be for long. The start of the year is slow for China auto sales, with Lunar New Year hitting sales and production.
Other EV Sales
Other China EV makers reported October deliveries
Nio delivered 20,976 EVs, down slightly vs. September but above 20,000 for a sixth straight month. October's total includes 4,319 vehicles from the Onvo sub-brand, with the Onvo L60 a Tesla Model Y rival.
Li Auto delivered 51,443 vehicles, down 4.2% vs. September.
XPeng delivered a record 23,917 EVs, with the sub-brand Mona M03 topping 10,000 for a second month.
BYD Vs. Tesla Stock
BYD stock fell 2% to 35.78, extending weekly losses to finish below a 36.27 buy point from a huge cup base.
Tesla stock dipped 0.35% to 248.98. Shares tumbled 7.5% for the week, back below the 264.86 cup-with-handle buy point. TSLA stock still has the bulk of last week's 22% surge on earnings.
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