BYD has also come out of Tesla in terms of sales of electric vehicles. The company has overtaken Tesla in EV sales in the first half of 2022. Chinese company BYD sold 6 lakh 41 thousand electric vehicles while Tesla sold 5 lakh 64 thousand electric vehicles. The company has achieved 300% growth on year on year basis. All these details have been given in the filings of both the companies.
BYD means ‘Build Your Dream’ in English and the company is strengthening its hold in China as well as around the world. The headquarter of the company is located in Shenzhen City of Guandong Province in the South of China. On the other hand, Tesla’s production declined as production at the company’s Shanghai factory in China was reduced due to the re-emergence of the corona pandemic. Apart from this, Tesla’s dispute with the regulators is also going on due to which the company has to recall its Tesla Model Y and Model 3.
The reason for the recall is the failure of the emergency call system in approximately 60,000 Tesla cars. Due to this, the performance of the company has come down by 18%. At the same time, BYD has also got huge success in the battery segment. The company has overtaken LG in terms of making EV batteries and has now become the second largest EV battery maker in the world.
From April 2022 till now, the company is maintaining its performance at the same level. It has been running ahead of LG since April. The first place belongs to China’s CATL company, which is the largest EV battery manufacturer in the world. The demand for EV is also increasing day by day. Due to this, the conflict in the performance of companies has also increased. Contemporary Amperex Technology Co. Ltd (CATL) recently introduced the battery with a range of 1,000km.