BYD Bests Tesla as No. 1 EV Seller

Chinese automaker BYD has surpassed Tesla as the world's leading electric vehicle (EV) seller.

BYD, backed by Warren Buffet, sold 638,157 electric or plug-in hybrid passenger vehicles in the first six months of 2022, according to company filings published on July 3.

The figure represents a nearly 325% year-over-year increase from the same period last year.

In the first two quarters of 2022, BYD sold 323,519 battery electric vehicles and 314,638 plug-in hybrids. The automaker sold 133,762 electric or plug-in hybrid passenger vehicles in June alone.

Tesla, meanwhile, delivered 564,743 vehicles in the first six months of the year, according to figures in the automaker’s first and second quarter reports.

Tesla reported supply chain challenges and factory shutdowns over the course of the year affected production.

BYD shares rose 36% since January and avoided factory shutdowns, reported Business Insider. However, Tesla had to close its Shanghai factory temporarily during a COVID-19 outbreak in the city earlier this year.

Still, Tesla delivered 254,695 vehicles worldwide, up about 27% from 2021, during second quarter.

Investors are watching closely to see how demand holds up for Tesla as the economy slows down.

Driving the news: Data compiled by S&P Global Mobility shows that in April, electric vehicles made up 11.2% of new vehicles registered in the Seattle metro area.