The global electric vehicle (EV) industry is witnessing a remarkable surge in demand as the world’s top electric car makers, Tesla and BYD, have achieved unprecedented sales records in the second quarter of this year.
Chinese carmaker BYD outpaced the leading U.S. electric vehicle company Tesla in the second quarter with record sales of hybrid and electric vehicles.
The Shenzhen-based carmaker BYD posted its best-ever quarter, selling 700,244 fully electric and plug-in hybrid vehicles. Meanwhile, the world’s biggest electric vehicle (EV) maker Tesla delivered 466,140 cars worldwide, achieving its best quarterly results.
Tesla’s Outstanding Q2
The Elon Musk-owned company Tesla delivered an impressive 466,140 vehicles worldwide in the period of April to June, surpassing even the expectations of analysts. This figure represents a remarkable 83.5% increase compared to the same period last year.
Tesla manufactured 479,700 vehicles during the second quarter, including 19,489 model S/X cars and 460,211 model 3/Y cars. Tesla more than doubled its production from the same period last year when it manufactured 258,580 vehicles.
Tesla surprised the market by extending full access to the $7,500 federal tax credit for electric vehicles to buyers of its most affordable Model 3, instead of the previous $3,750 credit. With those models starting at $37,830, the Model 3 now essentially begins at $30,000 for eligible customers in the United States.
BYD’s Remarkable Sales Growth
The American EV giant Tesla is facing a fresh wave of competition from emerging players worldwide. BYD, China’s leading auto brand, achieved its best-ever quarter with sales of 700,244 fully electric and plug-in hybrid vehicles, almost doubling its performance from the same quarter last year. Additionally, BYD reported a threefold increase in deliveries, reaching 1.86 million vehicles for the whole of 2022 compared to the previous year.
“BYD’s record monthly sales prove that the Chinese EV market is back on the fast track,” said Chen Jinzhu, chief executive of Shanghai Mingliang Auto Service consultancy, SCMP reported. The June sales show that “an increasing number of Chinese motorists are shunning petrol cars and choosing battery-powered vehicles.”
BYD has already sold more than 1.2 million EVs, including hybrids, in the first six months of 2023, For context, the EV maker sold more than 1.8 million EVs, including hybrids, in 2022. With such extraordinary sales figures, BYD’s strong performance highlights its robust presence in the Chinese EV market and showcases its position as Tesla’s main competitor within the country. BYD offers a diverse lineup, with EVs starting from $11,000 and surging up to $160,000.
Thriving Chinese EV market
Several Chinese EV companies have reported remarkable sales figures for the month of June. The trend indicates the thriving nature of the electric vehicle industry in China and the increasing demand for sustainable transportation options. Some of the major Chinese EV automakers include BYD, Nio, Xpeng, Li Auto and Geely’s EV brand Zeekr.
- BYD, one of China’s leading EV manufacturers, sold 253,046 new energy vehicles (NEVs) in June, marking an 88.79% increase from the same period last year. BYD emerged as the world’s best-selling electric vehicle brand in 2022, selling a record 1.8 million units. The carmaker aims to sell at least 3 million vehicles in 2023.
- Li Auto, headquartered in Beijing, achieved a record-breaking 32,575 deliveries in June, marking a 15.2% increase from May.
- Shanghai-based Nio saw a significant surge in sales, delivering 10,707 vehicles in June.
- Xpeng, based in Guangzhou, witnessed a 14.8% month-on-month increase, delivering a total of 8,620 units in June.
