The world's two top-selling clean automobile manufacturers, Tesla and BYD, both produce electric vehicles (EVs) and hit outstanding sales milestones in the second quarter.
With 466,140 international deliveries, Tesla, led by Elon Musk, outperformed Wall Street expectations.
Meanwhile, BYD, the largest automaker in China, reported its best-ever quarterly sales results with 700,244 new-energy vehicles, with half being fully electric and the other half plug-in hybrids, according to Bloomberg.
As seen by Tesla's delivery figures, Elon Musk, the company's CEO, has successfully increased volume by lowering pricing. Tesla's actual result is a considerable improvement above analysts' expectations of 448,350 vehicles shipped by the firm for the quarter.
Tesla has reduced car pricing to increase sales. The corporation has also offered three months of free US fast-charging and Chinese insurance subsidies.
Deliveries for the Texas-based firm increased by 83% compared to the prior year, despite the difficulties brought on by the COVID-19 lockdowns in China, per Japan Times.
Due to these sales-boosting tactics, analysts expect Tesla price cuts to continue throughout the following year.
Additionally, Tesla's production and delivery deficit shrank, with manufacturing just 13,560 vehicles short of sales in the most recent quarter as opposed to roughly 18,000 in the prior one.
Read Also: Tesla Delivers Record Number of EVs Last Quarter; Model Y and Model 3 Are Its Best-Selling Vehicles
BYD Sales Surge
BYD, financed by Warren Buffett, established a new quarterly record by selling over 700,000 cars in the second quarter, almost tripling its sales from last year and demonstrating its supremacy in the Chinese industry, per CNN.
The EV manufacturer, known for its Qin and Han sedans, sold 253,046 new energy cars in June alone, an 89% increase from the previous month. Both battery-powered electric cars and plug-in hybrids are considered New Energy vehicles, and BYD's steady expansion underlines the company's significant market share in China.
According to Joanna Chen, an EV batteries analyst, June sales indicate that market demand for New Energy vehicles "remains pretty strong."
While Tesla continues to be the leading EV manufacturer in the United States, other international firms, like BYD, with more recent product lines, provide it with intense competition in the industry.
BYD's outstanding success in China helped it become the top EV brand in the nation. Regarding worldwide sales of pure EVs, Tesla still outsells BYD. However, BYD has overtaken its rival in the Chinese market.
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