Tesla is losing its tight grip on the EV market as it seems to be losing its dominance in the global EV market. The US-based EV major has lost the top position in the global market to Warren Buffett-backed BYD, as the Chinese company has overtaken Tesla in terms of global EV sales. Additionally, the Shenzhen-based carmaker and battery group is preparing to push into foreign markets, reports Asia Nikkei.
This also marks a growth of 300 per cent compared to the same period last year. The sales figures suggest that these two brands are not very close, with tesla falling behind by a large margin.
BYD reportedly sold 641,000 electric vehicles in the first six months of this year, between January and June. It registered a whopping 300 per cent jump in sales compared to the same period a year ago, while Tesla on the other hand sold 564,000 vehicles during the same period. Elon Musk’s EV company blamed a tough second quarter on supply chain issues and sales disruptions in China. The company’s operations were hit by Covid lockdowns and travel restrictions.
This is a significant blow to Tesla, which has been facing multiple bottlenecks in recent times. The auto company is struggling to roll out existing EVs and new products in quickly, impacting sales and denting consumer sentiments. Also, it is facing growing competition from legacy automobile manufacturers like General Motors and Ford, along with the EV startup Rivian. BYD also overtook LG as the world’s second-largest battery maker for EVs.
In the coming future, things could be getting challenging for tesla down the road. Several automakers are doubling down on their EV initiatives, such as Audi, BMW, Mercedes, Volkswagen and more. Even newer brands like Ola Electric recently announced that an Ola electric car is in the works, and it could launch as early as next year. A teaser image showed a stylish aerodynamic design that Ola could use for its first electric car.
