In the second quarter of 2024, Tesla's gross margin dropped to a new low after declining every quarter since Q1 2022. Thanks to an uptick in deliveries over the past months, the U.S. automaker and pioneer of getting battery electric vehicles BEVs to the mass market still retained the biggest market share among all BEVs sold worldwide.
The BEV portfolio of legacy automakers like Volkswagen and Geely-Volvo stood at seven percent, on par with SAIC, which includes the joint venture between the Chinese state-owned SAIC Motor and Wuling as well as General Motors. While the first quarter saw BYD's share drop by two points, it was only 18,000 cars shy of Tesla's deliveries between April and June 2024, illustrating how close the head-to-head race between these two companies is.