Munzir HakimiTable of Contents
New Trends Ahead
Tesla’s Sales Decline
Tesla experienced its first sales drop in over a decade, delivering nearly 1.79 million cars in 2024, down about 1% from the previous year. Despite multiple price cuts to attract buyers, demand weakened as competition intensified.
BYD’s Rise
In contrast, China’s BYD reported remarkable growth with 1.76 million EV sales,marking a meaningful increase of over 41% in total vehicle sales to more than 4.2 million units. The company thrives on hybrid car sales and benefits from strong domestic demand and government incentives.
Market Challenges
Tesla faces challenges not only from rivals like BYD but also due to softening demand for electric vehicles globally, particularly in the US and Europe. Increased borrowing costs have made purchasing more difficult for consumers, contributing to Tesla’s struggles.
Final Thoughts
Industry Shifts
The automotive landscape is rapidly changing as companies adapt to fierce competition and shifting consumer preferences. With ongoing mergers and government interventions aimed at protecting local industries, the future remains uncertain yet dynamic for both established brands and newcomers alike.
