General

China’s BYD Auto Beats Tesla to Become the Best-Selling EV Brand Globally

EV manufacturer BYD to drive in maiden e-SUV in India by end of year


Global electric passenger car (EV) sales grew 61 percent (year-on-year) to 2.18 million units in the second quarter of this year, a new report said Monday, as China’s BYD Auto became the top-selling car for the first time . EV brand, dethroned Elon Musk-run Tesla.

During the second quarter, BYD Auto shipped more than 354,000 EV units, up 266 percent year-over-year.

Tesla’s global sales grew 27 percent year-over-year to more than 254,000 units, which was below expectations.

While US operations grew, Tesla’s Chinese operations were hit by the shutdowns caused by Covid-19.

In total electric vehicle sales, battery electric vehicles (BEVs) accounted for nearly 72 percent and plug-in hybrid electric vehicles (PHEVs) accounted for the remainder, according to Counterpoint Research.

China remained the market leader in electric vehicle sales, followed by Europe and the US.

Electric vehicle sales in China rose nearly 92 percent year-on-year to 1.24 million units, from just 0.64 million units in the second quarter of 2021.

“As the global semiconductor shortage has eased a bit, automakers can capitalize on the increasing demand for EVs. In addition, sales of EVs would have been higher if China hadn’t experienced new Covid-19 outbreaks in March,” senior analyst Soumen said. mandala .

The second half of 2022 is expected to deliver better results, but economic downturns, energy crisis, supply chain bottlenecks and rising geopolitical tensions could hamper the growth of China’s auto market, especially EVs, he said.

BMW’s electric vehicle sales in the second quarter were up 18 percent year-on-year. The BMW X3 and i-series models are the company’s forerunners in the BEV segment, while the 5-Series, 3-Series and X5 models do the same in the PHEV segment.

“Incentives play a vital role in increasing EV adoption. For example, China’s strong incentive program for both automakers and consumers has helped the country become the global EV leader,” said Neil Shah, Vice President of Research.

“In addition to major markets, smaller markets such as India, Japan, Thailand, South Korea and Malaysia have started to offer various benefits to EV buyers and automakers, either directly as a price reduction or tax exemption,” he added.

–IANS

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(Only the headline and image of this report may have been reworked by Business Standard staff; the rest of the content was automatically generated from a syndicated feed.)

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