Chinese BYD beats Tesla in EV sales and BYD becomes the biggest seller of EVs (Electronic Vehicles).
Tesla has been defeated by BYD, the Chinese auto group sponsored by Warren Buffett’s Berkshire Hathaway, as the world’s biggest electric vehicle producer by sales, indicating China’s rising power in the sector.
As per the firm’s record, BYD sold 641,000 vehicles in the first 6 months of the year, which shows more than a 300% jump from the same time compared last year.
Last month, BYD registered as the world’s third-largest car maker with the market capitalisation of $128.8 billion and overtook over Volkswagen with the market capitalisation of $117.5bn.
Tesla’s 564,000 vehicle sales have been recorded, blamed a tough second quarter on sales disruption and supply chain in China.
It is interesting to note that one of the factors that BYD was able to have less impact on its production and sales was due to the fact, that most of its factories are based out of regions and cities where China’s lockdown measures were not strict.
A situation that affected Tesla, along with other Chinese EV makers including NIO, Xpeng and Li Auto harder. Chinese BYD beats Tesla in EV sales
BYD has set an ambitious target of selling 1.5 million EVs this year. In India, the company has entered the electric four-wheeler market with the e6, which also recently entered the India Book of Records for longest distance travelled by an EV.
Tesla is passing through a difficult times after Elon Musk’s unsuccessful deal to buy Twitter as Tesla has decided to do 10% down-sizing in employees of Tesla in coming months.
Chinese BYD beats Tesla in EV sales.
