Elon Musk isn’t going to be too happy after his world-famous company Tesla has been knocked from the top spot of being the world’s largest electric vehicle manufacturer.
Chinese archrival BYD managed to cruise past Tesla, setting a new record for the automaker.
As recently reported by Nikkei Asia, the first half of 2022 saw Tesla making a massive revenue after the sale of 564,000 cars. However, that soon changed when BYD took a staggering 300% leap with sales of more than 641,000 cars. But as you can see, Musk shouldn’t be too angry because things like these are not going to be in his control, that’s for sure.
The recent lockdown embedded in China saw a number of car manufacturers take hits such as Nio, Tesla, Xpeng, and even Li Auto. The most adverse effects were witnessed in cities like Shanghai.
A number of factories of BYD are strategically located in different regions and that gave the top market player less of a chance to be adversely impacted by the lockdown periods, allowing production to carry on at a normal pace.
It is still not clear to many experts whether or not we can hope the world’s richest man’s company to take back its leading position but we do feel time can ultimately tell us what’s next.
Remember, Elon Musk’s Tesla did make a whopping sale of nearly 936,172 cars in the previous year. Meanwhile, Chinese rival BYD is also renowned to be the world’s second-biggest manufacturer of EV batteries. The firm which is partially in ownership with WB’s Berkshire Hathaway managed to take over LG with their EV battery production.
At the end of the day, being owners of factories that don’t get affected by the turmoil that the ongoing lockdown brings forth is definitely a huge deal and that’s probably why BYD is excelling in the industry.
Read next: Smartphone Sales Just Dipped Below 100 Million, Decline 10% Year on Year
Chinese archrival BYD managed to cruise past Tesla, setting a new record for the automaker.
As recently reported by Nikkei Asia, the first half of 2022 saw Tesla making a massive revenue after the sale of 564,000 cars. However, that soon changed when BYD took a staggering 300% leap with sales of more than 641,000 cars. But as you can see, Musk shouldn’t be too angry because things like these are not going to be in his control, that’s for sure.
The recent lockdown embedded in China saw a number of car manufacturers take hits such as Nio, Tesla, Xpeng, and even Li Auto. The most adverse effects were witnessed in cities like Shanghai.
A number of factories of BYD are strategically located in different regions and that gave the top market player less of a chance to be adversely impacted by the lockdown periods, allowing production to carry on at a normal pace.
It is still not clear to many experts whether or not we can hope the world’s richest man’s company to take back its leading position but we do feel time can ultimately tell us what’s next.
Remember, Elon Musk’s Tesla did make a whopping sale of nearly 936,172 cars in the previous year. Meanwhile, Chinese rival BYD is also renowned to be the world’s second-biggest manufacturer of EV batteries. The firm which is partially in ownership with WB’s Berkshire Hathaway managed to take over LG with their EV battery production.
At the end of the day, being owners of factories that don’t get affected by the turmoil that the ongoing lockdown brings forth is definitely a huge deal and that’s probably why BYD is excelling in the industry.
Read next: Smartphone Sales Just Dipped Below 100 Million, Decline 10% Year on Year
