China's BYD, however, looks set to close the gap after reporting 1.76 million EV sales in 2024. The Shenzhen-based firm's total vehicle sales jumped more than 41% in 2024, year-on-year, to more than 4.2 million. The surge was powered mainly by sales of its hybrid cars.

Tesla ’s global EV dominance may soon be coming to an end. Chinese automaker BYD ended 2024 with a bang, recording a massive 4.25 million passenger car sales. Among these, 1.76 million were fully electric vehicles (EVs), a 41% increase from the previous year.

The EV giant sold 1.76 million electric cars in 2024, per figures released on Wednesday, putting it within touching distance of beating Tesla.

Tesla, the US electric vehicle giant, celebrated record sales in China in 2024, but analysts warn that sustaining this performance in 2025 could prove challenging as competition with domestic players intensifies.

Tesla rivals BYD, Nio Li Auto, XPeng and Zeekr all reported record December China EV sales as the price war intensified.

There does not appear to be an obvious savior on the horizon for Tesla, either. The Cybertruck remains the company’s most identifiable vehicle thanks to its futuristic dumpster vibe, but the company shipped fewer than 50,000 units in 2024 and it seems like the demand for the truck is flattening out or declining.

Chinese car maker BYD saw sales jump at the end of last year, leaving it closer to claiming the title of the world's best-selling electric vehicle (EV) maker of 2024. The company says it sold 207,734 EVs in December,

Tesla reported the first full-year drop in sales in its history as a public company Thursday, as increased competition and slowing demand for electric vehicles hit its results.