06:55 AM EDT, 04/02/2024 (MT Newswires) -- Tesla (TSLA) may regain its position as the world's biggest seller of electric vehicles after its recent sales edged up and that of its Chinese rival BYD declined, Reuters reported Tuesday, citing company and industry data.

BYD reported late Monday that Q1 sales fell 43% compared to Q4. It sold around 300,114 electric vehicles compared to 526,409 during the previous quarter, according to a filing with the Shenzhen Stock Exchange cited by Reuters.

BYD sold 139,902 purely electric models in March, a 36.3% increase year-on-year, while sales of plug-in hybrids rose 56.4% to 161,729 vehicles.

Meanwhile, analysts polled by Visible Alpha forecast Tesla may attain record Q1 sales of 458,500 vehicles when it reports its numbers Wednesday, Reuters reported.

Tesla sold 89,064 China-made electric vehicles in March, up 0.2% from a year earlier and up 47.5% from February, Reuters reported, citing data from the China Passenger Car Association (CPCA) data.

Tesla shares were down more than 1% in recent Tuesday premarket activity.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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