BYD keeps outperforming Tesla!
Although Tesla might come to mind when electric cars are mentioned, this might soon change as BYD consistently outdoes Tesla.
The electric vehicle (EV) market is brimming with activity, with renowned brands like Tesla, BYD, XPeng, Volkswagen, and Lucid jostling for dominance. While many might assume Tesla to be the front runner, recent findings from Canalys reveal that BYD holds the top spot in the race.
In the first half of 2023, the global electric vehicle sales skyrocketed, witnessing a 49% growth, accounting for a record 6.2 million units. Intriguingly, China stands as the vanguard in the EV movement, contributing to 55% of these global sales, which equates to about 3.4 million units. This prominence in the EV market means that 31% of all light vehicle shipments in China are now electric. However, this monumental growth has seen a decline from the 118% increase in H1 2022 to 43% in H1 2023. This deceleration is linked to the cessation of China's EV support scheme, spawning a price war that was particularly burdensome for the smaller brands. Amid this fervent competition, BYD continues to reign supreme as the leading EV brand in China.
BYD keeps outperforming Tesla!
Following China, Europe claims a 24% share of the global market, translating to 1.5 million units. What's notable is the surge in Europe's year-on-year growth, which rose from 9% in H1 2022 to 34% in H1 2023. Meanwhile, the U.S trails with a 13% share of global EV sales. However, the U.S has demonstrated an impressive 97% growth year-on-year, primarily spurred by new EV subsidies.
Tesla, despite not being the market leader, has shown significant progress. The company sold over 935,000 electric cars in the first half of 2023 alone, marking a 65% increase from the previous year. Tesla's Model Y remains its flagship product, closely followed by the Model 3. On the other hand, BYD's performance has been nothing short of remarkable. The company sold over 1.3 million electric and hybrid vehicles in the same period, doubling its sales from the prior year. Among the global EV sales, BYD's models, including the Yuan PLUS, Dolphin, and Song Pro, constitute 9%. Canalys projects that by the close of 2023, global EV sales could surpass 14 million units, securing an 18% market share.
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