BYD, a Chinese automaker backed by Warren Buffett’s Berkshire Hathaway, has soared past Tesla as the world’s leading electric vehicle seller says Yahoo News.
- BYD overtakes Tesla in terms of EV production.
- Tesla production was hit hard due to COVUD lockdowns in China.
Figures
Shenzhen-headquartered BYD sold 641,350 new energy vehicles in the first half of 2022, a 314.9% increase from its sales figures in the first half of 2021. Of those sales, 323,519 were battery electric vehicles. On the other hand, Tesla delivered 564,743 vehicles in the first two quarters of 2022, faltering in the second quarter as a lockdown in Shanghai slowed production at its Gigafactory in Chinese city. BYD’s shares have surged 36% since January. The automaker has touched one trillion Chinese yuan market capitalization.
Environmental Factors
The EV company has continued to grow sales and share price despite a pollution probe into one of its factories in Hunan Province. The probe came after residents in the area reported suffering from breathing troubles and vomiting.
Lockdowns
The company managed to stay open even during the lockdown periods. This was due to the presence of its factories far away from COVID hotspots. Tesla’s Shanghai Gigafactory 3, responsible for half of its 2021 global production was shut down for 22 days in May due to lockdowns. Even once the factory’s production restarted, it fumbled as it attempted to reach pre-pandemic levels.
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Source: Yahoo News
