China’s BYD Auto has overtaken Elon Musk’s Tesla to become the best-selling EV brand. BYD Auto delivered more than 354,000 electric vehicles in the second quarter, up 266% year-on-year. Tesla’s global sales fell short of expectations with 254,000 vehicles, 27% year-over-year. While the U.S. business grew, Tesla’s China business was hit by his Covid-19 shutdown.
According to Counterpoint Research, battery electric vehicles (BEV) account for about 72% of all EV sales, with plug-in hybrid electric vehicles (PHEV) making up the rest. China remains the leader in EV sales, followed by Europe and the US. EV sales in China have grown nearly 92% year-on-year to 1.24 million, up from just 640,000 in Q2 2021.
