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Shenzen-based BYD has surpassed Elon Musk’s Tesla as the world’s largest producer of electric vehicles by sales.
Qilai Shen / Bloomberg
BYD, backed by Warren Buffett, sold more electric cars than Tesla during the first six months of the year, but that doesn’t mean it has sold most battery-powered electric vehicles alone.
First, the headlines. Shenzen-based BYD (ticker: 1211.Hong Kong) sold 641,000 “new energy” vehicles during the first half of 2022, the company said Sunday. This is an increase of almost 315% over the same period last year. In June, BYD sold 134,036 new energy vehicles, an annual increase of 162.7%.
In comparison, Tesla (TSLA) delivered nearly 565,000 vehicles during the first half of the year. In the second quarter, Tesla delivered 254,695 cars, down 18% from first-quarter deliveries of 310,048, but in June it had the highest vehicle production in any month in Tesla’s history, according to the company. .
The key is the term used by BYD: New Energy Vehicles or NEV. In China, this includes plug-in hybrid vehicles that have an internal combustion engine, as well as a battery that can be charged using an external power supply. BYD sells plug-in hybrid vehicles and all-battery electric vehicles.
Tesla only sells electric vehicles with batteries, which we usually think of when we hear the term EV.
BYD sold 314,638 plug-in hybrids during the first half of the year, 454% more compared to the first half of 2021. It sold 323,519 battery-powered electric vehicles during the first half of 2022, 246% more than the same period from the previous year. , while Tesla sold 564,753.
Tesla still has the lead in battery-only cars, but BYD’s growth is accelerating.
Shares of Tesla started the day lower, but rose about 2% in the afternoon. The S&P 500 and Nasdaq Composite were down 0.2% and 0.7%, respectively.
Investors do not appear to be particularly concerned about the battle for the market share of battery-powered electric vehicles in China on Tuesday. They may be relieved that production and sales of Chinese electric vehicles recovered in June. It is important because China is the largest market for sales of new cars and new electric vehicles on the planet.
BYD’s Hong Kong-traded shares have gained more than 17% this year. Entering Monday’s trading, Tesla shares fell about 35%.
Write to Lina Saigol at lina.saigol@dowjones.com