BYD also makes plug-in hybrids (PHEVs) in addition to BEVs, unlike Tesla which makes only BEVs, giving it another addressable market segment. According to data research firm Rho Motion, 17.1 million EVs, including BEVs and PHEVs, will be sold in 2024. In 2024, BYD sold 4.25 million passenger vehicles (both BEVs and PHEVs), accounting for roughly 25% of the world's total EV sales in the period. Tesla, in the period, sold 1.79 vehicles, or just 10.5% of overall global EV sales. Why It Matters: Tesla CEO Elon Musk dismissed BYD as a competitor in a Bloomberg interview in 2011. "Have you seen their car?" Musk then laughed when the reporter asked about BYD rivaling his EV company. He added that he does not think the BYD product is "particularly attractive." The billionaire CEO, however, did a complete U-turn on this statement in January 2024. "Frankly, I think if there are not trade barriers established, they will pretty much demolish most other car companies in the world. So they're extremely good."