Chinese electric vehicle maker BYD is on track to overtake Tesla in battery electric vehicle sales this year, with its BEV market share expected to surge, according to a Counterpoint Research report. "This shift underscores the dynamic nature of the global EV market," Counterpoint analysts said in the report released Tuesday. BYD's second-quarter battery EV sales jumped nearly 21% year on year to 426,039 units, according to CNBC's calculations. Counterpoint said China "remains a dominant force in the BEV market" with BYD leading the way. China's BEV sales are estimated to be four times that of North America's in 2024, the research firm said.

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Persons: BEV, BYD's, BYD, Tesla, China's BEV Organizations: Research, U.S, EV Locations: Munich, Germany, China, North America's