BYD has outperformed Tesla as the world’s leading EV manufacturer by sales in H1 2022. The Chinese company sold about 641,000 electric vehicles in the first six months of this year, as compared with Tesla’s 564,000. The half-year BYD sales figure is a massive 300% improvement year-on-year. These details were extracted from company filings by the two brands.
BYD means Build Your Dream and it is indeed expanding the reach of EVs across its markets both within and outside China. It is headquartered in Shenzhen City in Guangdong Province in the south of the country. BYD’s stellar H1 2022 performance is attracting industry plaudits.
Tesla reportedly suffered a decline in its projections due to the disruptions in its Shanghai factory due to the resurgence of COVID-19. Tesla is also having issues with some regulators that have led to the recall of the Tesla Model Y and Model 3. This was due to an observed fault in the emergency call system of 59,000 cars. These add to Tesla’s underwhelming Q2 performance showing an 18% decline from Q1, 2022.
In another milestone, BYD also had a strong performance in the EV battery segment. It overtook LG to become the second-biggest EV battery maker in the world. BYD has continued a strong monthly performance ahead of LG since April 2022. China’s CATL still retains its top position as the number 1 player in the EV battery market. Contemporary Amperex Technology Co. Ltd (CATL) released a 1,000km range battery two weeks ago.
