TLDR
- BYD sold 986,098 passenger vehicles in Q1 2025, up 58% from Q1 2024
- BYD delivered 416,388 pure electric vehicles in Q1, a 39% increase year-over-year
- March sales reached 371,419 passenger vehicles, with 166,109 being all-electric
- BYD has topped Tesla in EV sales for the third quarter overall and second consecutive quarter
- Despite strong sales, BYD stock fell 1.7% in overseas trading on April 1st
BYD Company Limited reported first quarter sales rose 58% compared to the same period last year. The Chinese automaker delivered 371,419 passenger vehicles in March alone, bringing its total for the first three months of 2025 to 986,098 units.
Of the nearly one million vehicles sold in Q1, 416,388 were pure electric vehicles (BEVs). This represents an impressive 39% increase from the 300,114 BEVs sold in Q1 2024.
The March figures included 166,109 all-electric cars. The remainder of BYD’s sales consist of plug-in hybrid vehicles, which combine battery power with traditional combustion engines.
This performance marks the third consecutive quarter that BYD’s total vehicle sales have exceeded the 1 million mark. It’s a significant milestone for the Shenzhen-based company.
BYD vs Tesla: The EV Race Intensifies
BYD’s latest results put it ahead of Tesla in pure electric vehicle sales for the second consecutive quarter. Tesla is expected to deliver approximately 378,000 EVs in Q1 2025, down about 2% year-over-year.
This will be the third quarter overall that BYD has topped Tesla’s EV sales. The gap between the two companies continues to widen as BYD expands its product lineup and global reach.
BYD also beat Tesla on timing. Tesla will report its delivery results on April 2, a day after BYD’s announcement.
At the start of 2025, Wall Street had expected Tesla to deliver about 470,000 vehicles in Q1. That would have been enough to surpass BYD. However, weak early-year sales data in the U.S. and Europe led to downward revisions of those estimates.
Some analysts suggest Tesla’s sales have been affected by Elon Musk’s political activities, which may be turning off some core Tesla buyers who tend to be politically left-leaning consumers looking to go green.
Tesla has also recently updated its biggest seller, the Model Y. Model changeovers can create temporary dips in sales as buyers wait for newer models with better features.
Market Reaction and Stock Performance
Despite the strong delivery numbers, BYD’s stock fell 1.7% in overseas trading on April 1. This appears to be a case of “sell the news,” where positive results were already reflected in the stock price.
BYD shares have performed well this year, up 45% year-to-date before this announcement. The market’s reaction suggests investors had already priced in the positive sales data.
In contrast, Tesla stock was down 36% year-to-date coming into April 1 trading. The stock did show some positive movement, up 1.4% in premarket trading ahead of its own delivery news.
BYD’s continued success in the electric vehicle market demonstrates its growing dominance in the global EV landscape. The company has managed to maintain strong growth despite increasing competition and challenging economic conditions.
The first quarter results show that BYD’s strategy of offering both pure electric and hybrid vehicles is paying off. This approach gives consumers more options as they transition to cleaner transportation.
BYD delivered 371,419 passenger vehicles in March, bringing its total for the first quarter of 2025 to 986,098 units. Of those, 416,388 were pure electric vehicles, showing the company’s commitment to fully electric transportation.
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