Byd sold more EVs than Tesla.
According to China Passenger’s Car Association data released on Friday, “Chinese Electric Car maker BYD, sold more EV, setting company into top three automaker in China”.
The BYD company is one of the dominating companies in battery-powered, electric vehicles, and includes hybrid cars.
Berkshire Hathaway (BYD) Company, back by Warren Buffett and is a major electric car brand in China.
According to the news, some BYD electric car models are more popular than Tesla. In the first half of 2022, Tesla delivered 564,000 all-electric vehicles while in the first and second quarters, BYD sold 641,000 electric vehicles in China.
Why is BYD motor sell more EVs than Tesla?
As the Financial Times, many of BYD’s models are plug-in hybrids, which means they are not exactly full-electric cars. Despite this, BYD motors are still said as “zero-emission” vehicles under China’s sales rules. The growth of BYD accomplishes its far-fetched position as the “largest EV maker”.
Likewise, Tesla’s disruption in China factor shut down for about three weeks in April after Shanghai’s Covid-19 lockdown. Tesla China, Li Auto, NIO, and Xpeng Motors have been hit very hard by Covid-19 lockdowns.
Moreover, the Company of BYD was not located in that particular region which was subjected to the strictest restrictions. It was able to escape some adverse effects of lockdowns.
According to Seoul-based SNE Research, BYD accomplished something far more significant, they outpaced LG Energy Solution in terms of monthly market share since April. That means the company’s battery business is shaping up to be the backbone of the emerging electric vehicle sector.
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