China's BYD, however, looks set to close the gap after reporting 1.76 million EV sales in 2024. The Shenzhen-based firm's total vehicle sales jumped more than 41% in 2024, year-on-year, to more than 4.2 million. The surge was powered mainly by sales of its hybrid cars.

Chinese electric-vehicle growth continued in December, with BYD taking the crown of largest global seller from Tesla for the second time. Growth alone, however, wasn’t enough to give all Chinese EV stocks a boost on Thursday.

The EV giant sold 1.76 million electric cars in 2024, per figures released on Wednesday, putting it within touching distance of beating Tesla.