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

Stock Markets Jul 05, 2022 09:52
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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.

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

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