According to the Financial Times, the Warren Buffet backed BYD automaker has surpassed Tesla as the best-selling EV brand in the world based on the most recent sales data for the first half of this year. In fact, BYD is the brand that sells the most EVs today.
In the first half of 2022, BYD short for “build your dreams” sold 641,000 automobiles, a gain of more than 300 percent from the corresponding period in 2021. Tesla, on the other hand, sold 564,000 cars from January to June 2022.
Tesla attributed its challenging second quarter to supply chain and sales disruptions caused by COVID lockdowns and travel bans in China. Tesla’s Giga factory is located in Shanghai, which experienced a lengthy lockdown that received significant media attention. On the other hand, BYD’s plants are not located in the areas and cities that saw the harshest restrictions.
Additionally, BYD recently surpassed LG to become the second-largest producer of EV batteries in the world, trailing only fellow Chinese firm and current No. 1, CATL. Interestingly, BYD is preparing to start supplying Tesla with electric car batteries.
They are looking increasingly like the Toyota of China’s electric vehicle industry,” said Michael Dunne, a former GM executive and China industry expert.