Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

China's BYD Outpaces Tesla with 641,400 Vehicles Sold in 1st Half

Published 05/07/2022, 14:52
Updated 05/07/2022, 14:52
© Reuters

© Reuters

By Michael Elkins

Chinese automotive group, BYD (OTC:BYDDY), backed by Warren Buffet, announced that they have sold 641,400 vehicles in the first six months of the year, a 315% jump year-over-year compared with the same time in 2021. This jump places them squarely ahead of global electric vehicle giant, Tesla (NASDAQ:TSLA) with 564,000 vehicles sold.

“The performance looks impressive,” said Jeff Chung, an auto analyst with Citigroup, of BYD’s sales growth.

Tesla, the previous category leader, blamed their tough second quarter on supply chain and sales disruptions in China after the company’s operations were stifled by Covid lockdowns and travel restrictions.

Tesla, along with Chinese EV makers including Li Auto Inc (NASDAQ:LI), Xpeng (NYSE:XPEV) and Nio (NYSE:NIO), was harder hit by the lockdowns than BYD, which benefited because most of its factories are not based in the regions and cities that suffered the most severe restrictions.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.