BYD overtakes Tesla to become world's largest EV maker
What's the story
Chinese electric vehicle (EV) giant BYD has surpassed Tesla to become the world's largest battery-powered car manufacturer. The shift comes on the back of a surge in its overseas shipments, even though BYD reported an 8.2% year-on-year decline in deliveries. The development highlights China's growing dominance in the global EV market amid an ongoing energy crisis.
Performance
BYD's deliveries stood at 557,090 units
Tesla announced on Thursday that it delivered 480,126 vehicles in the three months ending June. This marks a 25% year-on-year increase. However, despite this sales jump, it wasn't enough for Tesla to hold onto its title as the global leader in pure EVs. BYD's second-quarter deliveries stood at 557,090 units, an 8.2% decline from the same period last year but still more than Tesla's total.
Market strategy
BYD's diversification fuels its global success
Unlike Tesla, which only manufactures pure EVs or battery electric vehicles (BEVs), Shenzhen-based BYD produces both BEVs and plug-in hybrid vehicles. This diversification has contributed to its global success. Independent analyst Gao Shen noted that the rising popularity of BYD cars in overseas markets, especially Western Europe and Southeast Asia, has given it an edge over Tesla and other international competitors in selling pure electric and hybrid cars.