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Elon Musk’s Tesla loses top spot to Chinese brand BYD Auto

Elon Musk's Tesla loses top spot to Chinese brand BYD Auto

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Photo: Times Now Digital

Chinese automaker BYD Auto has dethroned Tesla to claim the top spot in the EV segment. According to recent reports, global sales of electric passenger vehicles (EVs) grew 61 percent in the second quarter of the year to 21.8 lakh units. The findings of this report shocked everyone, as China’s BYD Auto outperformed industry leader Elon Musk who led Tesla, making BYD Auto the top-selling EV brand in the world.

The Q2 2022 Global Sales Report shows that BYD Auto has become the top-selling EV brand in the world. BYD Auto shipped more than 3.54 lakh EV units in the second quarter of 2022, which is also a year-over-year increase of 266 percent for the company. The numbers are astonishingly high, given the COVID outbreak that took place in China in March. While Tesla sold more than 2.54 lakh units in the period, which is a healthy 27 percent year-over-year growth, but much less compared to BYD Auto’s growth and sales. In total electric vehicle sales, battery electric vehicles (BEVs) accounted for nearly 72 percent and plug-in hybrid electric vehicles (PHEVs) accounted for the remaining 28 percent, according to Counterpoint Research.

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While Tesla refused from Elon Musk to set up its factory in India, the Chinese manufacturer, BYD Auto, has already established its B2B business in India and traveled 47,957,202 km across India with its products and all are ready to enter the segment. of passenger cars to enter India next month. India is an important market and BYD Auto will benefit from Tesla’s absence from the Indian market. In the second half of the year, you can expect this difference in sales to widen, keeping BYD Auto ahead of Tesla.
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Commenting on the report, senior analyst Soumen Mandal said: “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 had fresh Covid.” -19 outbreaks in March”.

Commenting on the report, Neil Shah, vice president of research, said: “Incentives play a critical role in increasing EV adoption. For example, China’s strong incentive program for both automakers and consumers has helped the country become the global leader in the field of EVs. Apart from major markets, smaller markets such as India, Japan, Thailand, South Korea and Malaysia have started providing various benefits to EV buyers and car manufacturers, either directly as a price reduction or tax exemption”.

(With input from IANS)