BYD outperforms Tesla: Sold more EVs than ever.

BYD Auto

The rise in Electric vehicles has given enough push for all carmakers to launch their own EV lineups. We all have heard about a pure EV giant Tesla ruling the industry with their electric vehicles. BYD is one such name which is very prominent in the Chinese market. According to recent reports, BYD managed to outperform Tesla by selling more than 350K EV units globally. On the other hand, Tesla sold more than 250K units worldwide.

Have a look at Quarterly numbers from some major brands across the globe.

Statistics:

Q1 Sales: 285,849 unitsQ2 Sales: 354,000 Units
Q1 Sales: 310,411 unitsQ2 Sales: 254,000 Units
Q1 Sales: 170,454 unitsQ2 Sales: 106,000 Units
Q1 Sales: 154,824 unitsQ2 Sales: 62,500 Units

It is clear that Tesla sales have fallen compared to last time and this is mainly because of the semiconductor chip shortage. The overall effect of the pandemic on the automobile industry is still seen across OEMs. Though the market is recovering steadily, supply chain issues are still hanging carmakers to the core.

BYD on the other hand saw a rise in sales this year amidst all the bottlenecks and covid disruptions. BYD is based in the southern Chinese city of Shenzhen and as we are all aware of, china has been under lockdown because of their zero covid policy. While the sales went up, BYD’s shares saw ups and downs throughout the year. Buffett’s Berkshire Hathway Inc. dumped more than 3 million shares of BYD and as a result, the share saw a plunge and the stock erased more than $13 billion from the company in a week.

The top two brands have outperformed the rest as reported, however, the global economic crisis and geopolitical issues have obstructed overall growth. It is likely to continue and we may see similar numbers in the upcoming quarters as well.

Countries like India, Thailand, and Indonesia look promising with rising demand for EVs and the government has also shown interest in putting policies in place to boost the EV segment in respective regions. Only a matter of time before the automobile industry bounces back from this downfall.

Source: Counterpoint

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