Why China's BYD is a threat to Tesla's EV dominance
Chinese automaker BYD, which is backed by Warren Buffett, has surpassed Tesla in sales of electrified vehicles.
Driving the news: BYD sold 638,157 electric or plug-in hybrid passenger vehicles in the first six months of 2022, according to company filings published on July 3.
- The figure represents a nearly 325% year-on-year increase from the same period last year.
- In June alone, BYD sold 133,762 electric or plug-in hybrid passenger vehicles.
- In the first two quarters of 2022, BYD sold 323,519 battery electric vehicles and 314,638 plug-in hybrids.
Yes, but: All of Tesla's vehicles are full battery electric models. Plug-in hybrids run on electricity for a limited range and then switch to gasoline.
- Tesla noted in the reports that it had contended with supply chain challenges and factory shutdowns over the course of the year.
- BYD's shares have risen 36% since January and the company was able to avoid the lockdown-spurred factory closures, Business Insider reported.
- Tesla, however, was forced to temporarily close its factory in Shanghai during a COVID-19 outbreak in the city earlier this year.
Editor's note: This story was clarified to reflect that Tesla sells only full electric models while BYD sells both full electric models and plug-in hybrids.