Byd Auto Pips Tesla To Become Top-selling Ev Brand Globally

BYD Auto pips Tesla to become the most-seller EV brand worldwide

New Delhi, Aug 29 : Global electric vehicle for passengers (EV) sales increased by 61 percent (on-year) to 2.18 million units in the second quarter of this year according to a report released on Monday.For the first time ever, Chinas BYD Auto became the most popular EV brand, beating out Elon Musk’s Tesla.
In Q2 BYD Auto sold more than 354,000 EV units.increasing by a total of 266 percent YoY.

 Byd Auto Pips Tesla To Become Top-selling Ev Brand Globally-TeluguStop.com

Tesla’s global sales increased by 27 percent YoY to over 254,000 units not quite meeting of expectations.

While the business in the US increased Tesla’s China business was impacted by the Covid-19 shut downs.

In the total sales of EVs including battery electric vehicles (BEVs) made up nearly 72 percent and plug-in hybrid electric vehicle (PHEVs) to make up the remaining according to Counterpoint Research.

China remains the market leader in EV sales being followed by Europe and the US.

China’s EV sales grew by 92 percent YoY to 1.24 million units, up from 0.64 million units in the second quarter of 2021.

“As the global shortage of semiconductors has eased automakers have been in a position to meet the growing demands for EVs.Furthermore, EV sales would have been more robust in the event that China had not been hit by fresh outbreaks of Covid-19 in the month of March.” the Senior analyst Soumen Mandal.

The second quarter of 2022 is anticipated to produce better results, but recessions in the economy, energy crises supply chain bottlenecks as well as rising geopolitical tensions could impede the expansion of China’s automobile market, particularly EVs, he mentioned.

BMW’s EV sales in Q2 grew by 18 percent YoY.The BMW X3 and i-series models are driving the company’s efforts in the BEV segment and the 3-Series, 5-Series and X5 models are doing similar in the PHEV market.

“Incentives play a significant role in the growth of EV adoption.

For instance, China’s extensive incentive program for carmakers as well as consumers has assisted make China the world’s EV market leader,” said Research Vice President Neil Shah.

“Apart from the major markets, smaller ones like India, Japan, Thailand, South Korea and Malaysia have begun to offer different benefits for EV customers and automakers directly by way of rebates in costs or tax exemptions,” he added.

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