BYD is eyeing Tesla’s seat as the leader in electric car sales. The Chinese company shared its second quarter results, announcing that it has significantly closed the sales gap with Tesla. BYD announced that it sold 426 thousand electric cars in the three-month period ending June 30.
Tesla sales fall, BYD skyrockets
BYD recorded a 21 percent increase in the last quarter compared to the same period last year. Although Tesla is still the world’s largest electric car manufacturer in terms of sales volume, it reached 443 thousand sales. This means a decrease of 4.8 percent compared to the previous year.
Tesla managed to sell 86 thousand more vehicles in the first quarter compared to BYD. However, the rapid growth of the Chinese company draws attention. While Tesla’s sales declined for the first time in a row, BYD managed to reach unexpected figures.
Tesla’s vehicle sales fell 24 percent in June compared to a year ago, according to data from the China Automobile Association. Other Chinese car brands such as Nio are also rivaling Tesla’s market share.
BYD launched a “liberation war” against gasoline-powered vehicles earlier this year, launching lower-priced electric vehicle models. Its cheapest model, the Seagull EV, sells for less than 10 thousand dollars.
BYD CEO Wang Chaunfu said electric vehicles have entered “qualifying rounds” and the next two years are critical for automakers to stand out in this race.
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