China's BYD leads electric vehicle sales as Tesla faces decline

China's BYD reported sales of 4.3 million electric vehicles in 2024, exceeding its target by nearly 20%. In contrast, Tesla experienced its first annual sales decline in over a decade, highlighting a significant shift in the global electric vehicle market. China's electric vehicle sales have surged, with new energy vehicles surpassing combustion-engine cars in the second half of 2024. BYD's production costs are significantly lower than those of European competitors, contributing to its market dominance. In the U.S. and Europe, electric vehicle growth has slowed. U.S. EV sales dipped below 8% of new car sales, while EU sales fell by 6% due to reduced government subsidies. Hybrid vehicles are gaining popularity as concerns about charging infrastructure grow.