China’s BYD has become the largest producer of electric vehicles and plug-in hybrid vehicles globally. BYD overtook Elon Musk-led Tesla as the world’s largest clean car maker, only that Tesla makes no PHEVs and only sells electric vehicles. Even for electric vehicles, BYD is fast catching up to Tesla as the world’s largest EV maker and is already the largest EV maker in China. In 2022, BYD will sell more than 911,000 EVs and more than 946,000 PHEVs globally, with a combined number of more than 1.86 million. Tesla, on the other hand, sold over 1.3 million fully electric cars globally.
BYD is slowly gaining a huge market share in several major auto markets including India where they recently launched their BYD Atto.3 as the first electric SUV. Earlier, BYD introduced BYD e.6 MPV in the domestic market. At the upcoming Auto Expo 2023, BYD will also showcase the BYD SEAL electric sedan.
Tesla is also facing a lot of trouble in China, which is its second largest car market after the US. China accounts for about 40% of Tesla’s sales. Concerns about the carmaker’s performance have been a significant factor in the sharp decline in Tesla’s share price over the past year. The company’s stock closed down nearly 3 per cent on Thursday.
Protesters take over a Tesla store in Chengdu, China, after the US automaker cut prices for the second time in less than three months on January 6. The video showed a crowd outside the shop raising slogans. Some Tesla owners in China who have taken delivery in recent months expressed anger on social media that they did not qualify for the lower prices.
Tesla also cut prices of its best-selling Model Y and Model 3 electric vehicles in Japan, South Korea and Australia, which a person with direct knowledge of the plan said would help spur demand for production from the Shanghai factory. was part of an effort to Its largest production center.
It’s the first major move since Tesla hired its chief executive for China and Asia, Tom Zhu, to oversee global production and deliveries, at the center of the company’s recent challenges after falling short of its 2022 delivery target. Used to be.
with Reuters inputs