China’s BYD Auto propels Tesla to world’s top-selling electric vehicle brand

During the second quarter, BYD Auto shipped more than 354,000 electric vehicles, a year-on-year increase of 266%.

Tesla’s global sales rose 27% year-on-year to more than 254,000 units, below expectations.

Although business in the United States has increased, Tesla’s business in China has been affected by the Covid-19 shutdowns.

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

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

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

“As the global shortage of semiconductors has eased somewhat, automakers are able to meet the growing demand for electric vehicles. Also, EV sales would have been higher had China not experienced new Covid-19 outbreaks in March,” said senior analyst Soumen Mandal. .

The second half of 2022 is expected to produce better results, but economic slowdowns, the energy crisis, supply chain bottlenecks and rising geopolitical tensions could hamper the growth of the Chinese automotive market, especially electric vehicles. , he mentioned.

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

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

“In addition to large markets, smaller markets like India, Japan, Thailand, South Korea and Malaysia have started offering various benefits to EV buyers and automakers either directly in the form of rebates prices, or tax exemption,” he added.


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