8.1 C
London
Sunday, February 5, 2023

BYD Auto Beats Tesla to Become the Best-Selling EV Brand Globally

Must read

Who is Johanna Leia Boyfriend? Is she dating Drake?

Johanna Leia is a Los Angeles-based reality TV star, social media influencer and model. She has modeled for various swimwear brands and other...

Pervez Musharraf, Pakistani ex-president and US ally in ‘war on terror’, dies at 71

General Pervez Musharraf, who seized power in a bloodless coup and later led an unwilling Pakistan to aid the US war in Afghanistan against...

India blocks more than 230 gambling and lending apps, many with ties to China londonbusinessblog.com

India will block 232 apps, some with links to China, that offer gambling and loan services in the South Asian market to prevent misuse...

The impact investor and climate correspondent walk into a bar • londonbusinessblog.com

Hello and welcome back to Equitya podcast about the business of startups, where we unravel the numbers and nuances behind the headlines. This week Natasha...
Shreya Christinahttps://londonbusinessblog.com
Shreya has been with londonbusinessblog.com for 3 years, writing copy for client websites, blog posts, EDMs and other mediums to engage readers and encourage action. By collaborating with clients, our SEO manager and the wider londonbusinessblog.com team, Shreya seeks to understand an audience before creating memorable, persuasive copy.

Global sales of electric passenger cars (EV) grew 61 percent (year-on-year) to 2.18 million units in the second quarter of this year, a new report said Monday for the first time. China‘s BYD Auto became the top-selling EV brand and dethroned Elon Musk run Tesla.



During the second quarter, BYD Auto shipped more than 354,000 EV units, a 266 percent increase YoY.

Tesla’s global sales grew 27 percent year-over-year to more than 254,000 units, which was below expectations.

While US operations grew, Tesla’s Chinese operations were hit by the shutdowns caused by Covid-19.

In total electric vehicle sales, battery electric vehicles (BEVs) accounted for nearly 72 percent and plug-in hybrid electric vehicles (PHEVs) for the rest, according to Counterpoint Research.

China remained the market leader in electric vehicle sales, followed by Europe and the US.

Electric vehicle sales in China rose nearly 92 percent year-on-year to 1.24 million units, from just 0.64 million units in the second quarter of 2021.

“As the global semiconductor shortage has eased a bit, automakers can capitalize on the increasing demand for EVs. In addition, sales of EVs would have been higher if China hadn’t experienced new Covid-19 outbreaks in March,” senior analyst Soumen said. mandala .

The second half of 2022 is expected to deliver better results, but economic downturns, energy crisis, supply chain bottlenecks and rising geopolitical tensions could hamper the growth of China’s auto market, especially EVs, he said.

BMW’s electric vehicle sales in the second quarter were up 18 percent year-on-year. The BMW X3 and i-series models are the company’s forerunners in the BEV segment, while the 5-Series, 3-Series and X5 models do the same in the PHEV segment.

“Incentives play a vital role in increasing EV adoption. For example, China’s strong incentive program for both automakers and consumers has helped the country become the global EV leader,” said Neil Shah, Vice President of Research.

“In addition to major markets, smaller markets such as India, Japan, Thailand, South Korea and Malaysia have started to offer various benefits to EV buyers and automakers, either directly as a price reduction or tax exemption,” he added.

ALSO SEE :

Trust in the future – in the hands of Akash, Isha and Anant

Jio is going this Diwali . Launching True 5G Services in Major Indian Cities

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest article

Who is Johanna Leia Boyfriend? Is she dating Drake?

Johanna Leia is a Los Angeles-based reality TV star, social media influencer and model. She has modeled for various swimwear brands and other...

Pervez Musharraf, Pakistani ex-president and US ally in ‘war on terror’, dies at 71

General Pervez Musharraf, who seized power in a bloodless coup and later led an unwilling Pakistan to aid the US war in Afghanistan against...

India blocks more than 230 gambling and lending apps, many with ties to China londonbusinessblog.com

India will block 232 apps, some with links to China, that offer gambling and loan services in the South Asian market to prevent misuse...

The impact investor and climate correspondent walk into a bar • londonbusinessblog.com

Hello and welcome back to Equitya podcast about the business of startups, where we unravel the numbers and nuances behind the headlines. This week Natasha...

Who is Samie Elishi from “Love Island” 2023?

Love Island 2023 often brings new bombs to the villa. The islanders this time welcomed Samie Elishi, a 22-year-old resident of London. ...