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Shenzen-based BYD has overtaken Elon Musk’s Tesla as the world’s largest producer of electric vehicles in terms of sales.
Kelay Shane/Bloomberg
BYDbacked by Warren BuffettMore electric cars have been sold
Tesla
For the first six months of the year, that doesn’t mean it sold most battery-only electric cars.
First, the headlines. Based on Shenzhen
BYD
(Tape: 1211.Hong Kong) It sold 641,000 “new energy” cars in the first half of 2022, the company said on Sunday. This represents an increase of approx 315% From the same period last year. In June, BYD sold 134,036 new-energy vehicles, an annual increase of 162.7%.
By comparison, Tesla (TSLA) delivered nearly 565,000 vehicles in the first half of the year. In the second quarter, Tesla delivered 254695 cars, down 18% compared to first-quarter deliveries of 310,048 vehicles, but June marked the highest vehicle production in any month in Tesla’s history, according to the company.
The key is the term BYD used – New Energy Vehicles, or NEVs. In China, this includes hybrid vehicles that have an internal combustion engine as well as a battery pack that can be charged using an external power source. BYD sells both plug-in hybrids and Fully battery powered vehicles.
Tesla only sells battery-powered electric cars — which is what we usually think of when we hear the term EV.
BYD sold 314,638 hybrid cars in the first half of the year, up 454% compared to the first half of 2021. It sold 323,519 battery electric vehicles in the first half of 2022, up 246% from the same period the previous year, while it sold Tesla 564753.
Tesla still has an advantage in battery-only cars, but BYD’s growth is accelerating.
Tesla stock started the day lower, but rose about 2% in late trading. The
And the
They decreased by about 0.2% and 0.7%, respectively.
Investors don’t seem particularly concerned about the battle for market share for battery electric vehicles in China on Tuesday. They may be relieved that Chinese electric vehicle production and sales rebounded in June. It matters because China is the largest market for new car sales and sales of new electric cars on the planet.
BYD shares traded in Hong Kong have gained more than 17% this year. As Monday’s trading approaches, Tesla’s stock is down nearly 35%.
Write to Lina Saigol at lina.saigol@dowjones.com
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