BYD posted a significant sales decline in the first quarter of 2024, 43% QoQ, relinquishing its position as the world’s top EV seller to Tesla, which saw a 20.2% decline in sales during the same period. Despite BYD’s first-quarter sales being up 13.4% YoY, its quarterly decrease allowed Tesla to regain the sales title, showcasing Tesla’s resilience amid softer demand and a Chinese market slowdown driven by intensified competition and a price war. BYD's response included price cuts and setting a 3.6-million-unit sales target for 2024, a 20% increase from the previous year’s record-breaking sales, emphasizing the competitive dynamics within the EV market.