Shares in Chinese EV maker BYD (BYDDY) revved higher today on reports that it was hunting down rival Tesla (TSLA) in the U.K.
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A report on Reuters found that the U.K. has become a pivotal market for Chinese EV makers such as BYD. The land of Rolls-Royce and Aston Martin reportedly accounts for 30% of all Chinese electric models sold across Europe.
Electric Chinese
Despite concerns over charging infrastructure and cost, the number of electric cars on UK roads has almost doubled in the last two years, with nearly one in five new cars sold in 2024 being electric.
BYD is leading that push and challenging Tesla’s top spot in the U.K. In May, it sold just 40 fewer cars than Tesla, having raced past it for the first time in April.
For the second quarter as a whole, it has posted a record 10,116 new vehicle registrations in the U.K. taking its year-to-date total to 19,390 units.
That more than doubles its full-year total from 2024, maintaining its position as the country’s fastest-growing car brand with a 567% year-on-year increase.
It continues the positive momentum at the company whose earnings and revenues have powered forward in recent years.
Its SEAL U DM-i SUV has led the charge in the U.K. with 8,700 units sold in the quarter. BYD also has high hopes for the launch of the DOLPHIN SURF, a smaller EV designed to appeal to city drivers. It is described as being more budget-friendly, but still comes in at a hefty £18,650 price tag.
Tesla Troubles
It has an official range of up to 137 miles and boasts some jazzy features such as a rotating touchscreen and intelligent cruise control. Though how that will work on London’s warren of streets is another question.
What is definitely cruising higher is the BYD share price, which has climbed 35% in the year-to-date. Tesla, however, has had a rocky period given concerns over more intense competition, tired design and the fall-out from chief executive Elon Musk’s on-off political relationship with President Trump.
The Tesla share price has dropped 21% in the year-to-date but BYD is also beating it when it comes to revenue.
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