Tesla is ranked second worldwide when it comes to EV market

According to the most recent research, the market share of electric vehicles is still growing. In the third quarter of 2022, passenger EV sales worldwide increased by 71% year over year. Because of this, the competition is getting more and more intense by the day.In point of fact, there is so much competition that even Tesla, founded by Elon Musk, is only in second place.

Tesla is ranked second worldwide when it comes to EV market

According to the most recent data from Counterpoint's Global Passenger Electric Vehicle Model Sales Tracker, global sales of electric vehicles (EVs) increased by 71% year over year in the third quarter of 2022. EV sales continued to be dominated by China, followed by Europe and the United States.From 0.88 million units in Q3 2021, the country's EV sales increased by more than one hundred percent to more than 1.7 million units. Throughout the quarter, BYD Auto maintained its lead in the global EV market. The gap between the Chinese automaker and Tesla, which came in second, also widened.BYD Auto's top three models—BYD Song, BYD Qin, and BYD Han—accounted for over 56% of the company's sales during the quarter, demonstrating that it remained the global market leader and shipped over 537,000 EVs, an increase of 197% YoY.

Over 343,000 Teslas were sold worldwide in Q3 2022, representing a 43% YoY increase.This quarter, the company saw an increase in vehicle demand in Europe.This quarter, a record number of Model Ys were delivered in Germany as a result of the factory's Berlin factory's smoother production ramp.Notwithstanding, conveyances missed the mark regarding assumptions because of strategies bottlenecks.