Chinese auto major BYD has surpassed Tesla to become the world’s largest EV manufacturer by volume, thanks to a massive spike in sales this year.
Chinese auto major BYD has reportedly surpassed Tesla to become the world’s largest electric vehicle manufacturer by volume. Tesla has long been the world’s largest EV manufacturer and has recently seen a substantial increase in sales due to rising gas prices and increasing environmental awareness. The company sold more than 900,000 cars in 2021, with around 473,000 of those reportedly produced in China, according to data released by the China Passenger Car Association (CPCA). About 160,000 of those 473,000 vehicles were exported to overseas markets, while the rest were sold to customers in the country, making China one of the largest international markets for Tesla.
Despite Tesla’s dominance in the global EV market, the company’s operations in China have been hampered in recent times by the country’s strict Covid restrictions, including frequent lockdowns that forced Tesla’s Shanghai Gigafactory to remain shut for 22 days earlier this year. In addition, the company’s cars are often banned from various areas of the country under suspicion of spying. Last month, the Chinese coastal district of Beidaihe banned Tesla cars for two months ahead of the Chinese Communist Party’s upcoming annual meeting in the region. Teslas are also banned from Chinese military sites and housing complexes due to security concerns over the cameras installed on these vehicles.
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BYD has become the world’s largest EV producer, with sales of 641,000 new vehicles during the first six months of this year. According to the company’s report released this week, the figure represents a massive 315 percent year-on-year jump in sales, making it the world’s largest EV manufacturer by volume. In comparison, Tesla sold 564,000 vehicles globally during the same period, representing a 46 percent YoY increase compared to the 386,200 vehicles it sold during the same time last year. According to the Financial Times, BYD has also overtaken South Korea’s LG Energy as the world’s second-biggest producer of EV batteries behind fellow Chinese firm Contemporary Amperex Technology (CATL).
BYD Is Part-Owned By Warren Buffet
BYD is a Chinese EV manufacturer that started in 2003 as a regular automotive company producing vehicles with internal combustion engines before fully converting to EVs and hybrids earlier this year. The company, which has significant investments from Warren Buffet’s Berkshire Hathaway, now exclusively produces battery electric vehicles (BEVs) and plug-in hybrids (PHEVs).
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With EV sales increasing exponentially in recent years, China is becoming one of the leading players in the sector, both as a consumer as well as a global export hub. The country, which is already the world’s largest EV market, exported more than half a million electric vehicles last year to various regions around the world, including to many European destinations. BYD is seemingly reaping the rewards of China’s growing appetite for EVs, and Tesla will have to get its house in order to compete against it, both within and outside the country.
