Chinese new energy vehicle (NEV) automaker BYD released its March 2024 delivery report, providing a delivery estimate for Q1 2024 as well.
According to Barron’s, BYD posted delivery results for March 2024 on Monday. It reported delivering approximately 301,631 passenger vehicles last month. In March, the Chinese automaker sold 139,902 fully electric cars and 161,729 plug-in hybrids. For Q1 2024, BYD delivered 300,114 all-electric vehicles and 324,284 plug-in hybrid cars.
As its first-quarter numbers suggest, BYD’s plug-in hybrid vehicles sell slightly more than its all-electric vehicle lineup. Year over year, BYD’s all-electric car sales grew 36%, while its hybrid sales grew 56%.
BYD’s delivery results for Q1 2024 were in line with Wall Street estimates. Tesla is expected to beat BYD’s delivery results in the first quarter. Wall Street estimates Tesla will deliver between 425,000 and 430,000 units in the first quarter, up from 423,000 units in Q1 2023.
Wedbush Securities analyst Dan Ives called Q1 2024 a “nightmare” quarter for Tesla China. Tesla reportedly trimmed Giga Shanghai’s production output last quarter. He predicts a demand issue in China in the next quarter. For Q1 2024, Invest forecasts that Tesla will report a delivery between 425k to 475k units.
Morgan Stanley analyst Adam Jonas reduced his Q1 2024 delivery estimate for Tesla from 469.4k to 425.5k units. He reiterated his Overweight rating for TSLA and maintained his price target of $300.
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