The latest report released by market research company Counterpoint Research shows that in terms of pure electric vehicle sales, it is expected that Chinese electric vehicle (EV) manufacturer BYD will surpass Tesla in 2024, and BYD's market share is expected to significantly increase.

Counterpoint analysts wrote in their report that this shift highlights the dynamics of the global electric vehicle market.

According to current data, BYD's sales of battery electric vehicles (BEVs) in the second quarter increased by nearly 21% year-on-year, reaching 426,039 units; Tesla's delivery volume in the second quarter decreased by 4.8% to 443,956 vehicles.

Last year, BYD's total production (including pure electric and hybrid vehicles) exceeded 3 million vehicles, surpassing Tesla's 1.84 million vehicles for the second consecutive year. However, in terms of pure electric vehicle production, BYD's production of 1.6 million pure electric passenger cars is lower than Tesla's.

Nevertheless, Counterpoint believes that China remains the dominant force in the pure electric vehicle market, with BYD in a leading position.

The report mentions that it is expected that by 2024, the sales of pure electric vehicles in China will be four times that of North America; By 2027, China's market share in global pure electric vehicle sales will remain above 50%; By 2030, the sales of pure electric vehicles in China will exceed the combined sales of North America and Europe.

Previously, analysts from several Wall Street companies warned that the European Commission's decision to impose tariffs on imported electric vehicles from China may have limited impact on Chinese car companies, but could have a significant impact on European car manufacturers.

Liz Lee, Deputy Director of Research at Counterpoint, pointed out that the new tariffs imposed by the European Union on Chinese electric vehicles aim to balance competition between European electric vehicle manufacturers and lower priced Chinese imported cars. However, these tariffs may push Chinese automakers towards emerging markets such as the Middle East and Africa, Latin America, Southeast Asia, Australia, and New Zealand.

In addition, Counterpoint's report also points out that it is expected that global sales of pure electric vehicles will reach 10 million units by 2024, while sales of internal combustion engine vehicles will continue to decline.