Shares in Chinese EV maker BYD (BYDDY) raced 3.5% higher today as it sold more electric vehicles in Europe than arch-rival Tesla (TSLA) for the first time ever.
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Figures from automotive data intelligence firm Jato Dynamics out today reveal that BYD registered 7,231 fully electric cars in Europe last month. That just managed to overtake Elon Musk’s Tesla’s 7,165.
Jato’s global analyst Felipe Munoz hailed the figures as a ‘watershed’ moment for the EV industry, given that Tesla has held European leadership for a number of years. It is even more notable given that BYD only started operating on European shores when it launched in Norway and the Netherlands back in 2022.
Tesla reported a 49% year-over-year drop in total volumes in April. However, BYD hailed an increase of 359%.
Jato said the tariffs imposed by the European Union on electric vehicles made in China last year had forced its carmakers to look at other solutions.
They have done so by expanding and diversifying their European ranges by introducing plug-in hybrids, which don’t fall under the EU tariffs regime.
BYD is reportedly seeking to dominate overseas markets, with a target to sell half of its vehicles outside the Chinese market by 2030. That’s due to increased competition in China but also the tariffs war with the U.S.
Tesla has claimed it is turning the corner after tariffs, apathy over its range, and Musk’s relationship with President Trump led to a torrid start to the year. These new European figures will be a blow to those hopes.
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