The fact that BYD, a Chinese automaker backed by Warren Buffett’s Berkshire Hathaway, has surpassed Elon Musk’s Tesla as the world’s largest producer of electric vehicles by sales is a sign of China’s increasing dominance in the market.
According to the company’s records, BYD sold 641,000 vehicles in the first six months of the year, a more than 300 percent increase over the same period the previous year.
Tesla, which has sold 564,000 cars, attributes its difficult second quarter to supply chain issues and sales disruptions in China.
Additionally, on June 29, the German traffic agency (the KBA) said that it was recalling Tesla models Y and 3 owing to a problem with the automated emergency call system that affects 59,000 vehicles worldwide. After Elon Musk claimed on July 2 that the company delivered 17.9% fewer electric vehicles in the second quarter of 2022 compared to the first quarter, this has caused him additional trouble.
The second-largest manufacturer of EV batteries in the world, BYD, which is partially controlled by Warren Buffett’s Berkshire Hathaway, surpassed South Korea’s LG. The leading company in the market is Contemporary Amperex Technology Co., Ltd. (CATL), a Chinese company that recently introduced an EV battery that allows for a 1,000-kilometer trip on a single charge.
BYD has surpassed LG Energy in terms of monthly market share since April, claims Seoul-based SNE Research.
To read our blog on “BYD, a Chinese company, will soon begin supplying Tesla with batteries,” click here.
