Chinese company BYD has overtaken US billionaire Elon Musk’s Tesla to become the world’s largest electric vehicle maker in terms of sales.
The company sold 641,000 vehicles in the first six months of the year, more than 300% more than in the same period of the previous year. In the first two quarters of 2022, BYD sold 323,519 battery electric vehicles and 314,638 hybrid electric vehicles.
BYD shares are up 36% since January, and the company has managed to avoid factory shutdowns due to production shutdowns.
By comparison, according to Q1 and Q2 reports, Tesla sold 564,000 vehicles in the first six months of the year.
Tesla said it had experienced supply chain issues and factory closures throughout the year. The company was forced to temporarily close its factory in Shanghai due to the outbreak of the Corona virus in the city.