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stock was slipping in early trading Monday, even as the company looks set to retake the title of largest electric-vehicle maker in the world from
BYD
.
BYD posted March delivery results Monday morning. BYD’s results were fine. For the month, BYD delivered 301,631 passenger vehicles, including 139,902 all-electric models and 161,729 plug-in hybrids. All-electric sales grew 36% year over year. Hybrids grew 56%. For the first quarter, BYD delivered 300,114 all-electric cars and 324,284 plug-in hybrid models. All-electric sales grew about 13% year over year. Hybrid sales grew by about 14%.
BYD’s results were in line with Wall Street estimates.
The Chinese EV maker, however, will cede its crown as the largest battery-EV builder to
when the U.S. EV manufacturer reports first-quarter deliveries, due on April 2. Barron’s survey of recent Wall Street reports project Tesla’s deliveries to come in 425,000 to 430,000 units, up from 423,000 in the first quarter of 2023.
BYD took over the title when it reported fourth-quarter shipments of 526,000 units, which passed Tesla’s almost 485,000. It was the first time that BYD beat Tesla, which only sells all-electric vehicles.
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The competition between the two isn’t over, though. Tesla tweeted that it had just made its six millionth EV on March 29. BYD tweeted on Mar. 25 that it had made seven million. That includes both all-electric cars and plug-in hybrids.
BYD’s results confirm a key trend—EVs are still growing, but they’re growing at a slower rate than in the past due to slowing demand and rising competition, which has weighed on investor sentiment. BYD shares fell 0.6% in overseas trading leaving them down about 6% year to date. Slowing demand growth for EVs and rising competition have weighed on investor sentiment.
Relatively faster growth has helped support BYD stock though. Tesla shares were down some 30% in the first quarter, making it the worst stock in the S&P 500 for the first quarter of 2024.
Tesla stock was down 2.5% in midday trading Monday. The
was off 0.4% and the
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was down 0.2%.
Shares of
NIO
,
XPeng
,
and
were also reacting to delivery results. Through midday trading, NIO stock gained 1.9%, Li stock rose 0.4%, and
shares rose 0.1%.
For the first quarter, the trio delivered about 132,000 vehicles, in line with Street expectations. The positive bump to inline results reflects the stocks’ starting points. Through midday day trading Monday, the three stocks were down an average of about 38% year to date.
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—Brian Swint contributed to this article.
Write to Al Root at allen.root@dowjones.com
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