Chinese automaker BYD, which is backed by Warren Buffett, has surpassed Tesla as the world’s leading electric vehicle seller.
Driving the news: BYD sold 638,157 electric or plug-in hybrid passenger vehicles in the first six months of 2022, according to company filings published on July 3.
- The figure represents a nearly 325% year-on-year increase from the same period last year.
- In June alone, BYD sold 133,762 electric or plug-in hybrid passenger vehicles.
- In the first two quarters of 2022, BYD sold 323,519 battery electric vehicles and 314,638 plug-in hybrids.
The big picture: Tesla, on the other hand, delivered a total of 564,743 vehicles in the first six months of the year, according to figures in their first and second quarter reports.
- Tesla noted in the reports that it had contended with supply chain challenges and factory shutdowns over the course of the year.
- BYD’s shares have risen 36% since January and the company was able to avoid the lockdown-spurred factory closures, Business Insider reported.
- Tesla, however, was forced to temporarily close its factory in Shanghai during a COVID-19 outbreak in the city earlier this year.