This electric vehicle maker has surpassed Tesla and it will soon launch EVs in India

Tesla is easily the most popular EV company in the world. But you would be surprised that it’s not the best-selling EV company in the world. It has been overtaken by a Chinese EV brand called BYD. The exciting bit is that Tesla is nowhere close to a launch in India but BYD is set to introduce its first electric car for the passenger vehicle segment. BYD Auto registered a staggering growth of 266 percent YoY in Q2 2022. Tesla, on the other hand, registered a spike of 27 percent YoY in the same quarter. BYD Auto will be soon launching one of its popular electric SUVs in India as early as the fourth quarter of this year. To be clear, BYD already sells the E6 electric MPV in India but it is only available for commercial use. Also Read – Mercedes AMG EQS 53 4MATIC+ electric car launched: All you need to know

Overall, the global passenger electric vehicle sales have grown by 61 percent YoY to reach 2.18 million units in Q2 2022, according to the latest research from Counterpoint’s Global Passenger Electric Vehicle Model Sales Tracker. In total EV sales, battery electric vehicles (BEVs) accounted for almost 72% and plug-in hybrid electric vehicles (PHEVs) for the rest. China remained the market leader in EV sales, followed by Europe and the US. China’s EV sales increased by almost 92% YoY in Q2 2022 to reach 1.24 million units from just 0.64 million units in Q2 2021. Also Read – iVoomi Energy launches new electric scooters at Rs 99,999 with up to 180 km range

BYD Auto managed to dethrone Tesla during Q2 2022. BYD Auto shipped more than 3,54,000 EV units, an increase of 266 percent YoY. The company officially stopped production and sales of internal combustion engine vehicles in March 2022 and has been focusing on the development of BEVs and PHEVs. More than 60 percent of BYD’s sales during the quarter came from its top three models – BYD Song, BYD Han and BYD Qin. The company is also trying to penetrate the European market. It has already begun operations in Norway and is looking to start business in Germany, Sweden and the Netherlands. Also Read – Double-decker electric BEST buses in Mumbai to offer car-like comfort to passengers: All details

Tesla global sales grew 27 percent YoY to over 2,54,000 units, falling short of expectations. Although business in the US increased, its China business was affected by Covid-19 shutdowns. Tesla sold just 98,000 cars in China during Q2 2022. Cumulative sales in China during April and May fell by 49% YoY. This was the lowest for the automaker since the Covid-19-hit 2020. But its sales during June improved by almost 115% YoY. Despite Covid-19 clouding Tesla’s Q2 sales, it remained the global leader in the BEV segment.

Wuling was the third brand, which is also Chinese. The company is a joint venture between SAIC, GM and Wuling. The Wuling Hongguang Mini EV is the best-selling EV model in China. The model has been the undisputed market leader since its release in the second half of 2020. During Q2 2022, Wuling grew by 16 percent YoY to hold the third rank in the global EV market.

BMW is the fourth brand in the list and in Q2 2022 the sale increased by 18 percent YoY. The company has a more prominent presence in the PHEV segment. However, its BEV sales experienced a higher QoQ growth rate (18 percent) in Q2 2022 compared to its PHEV sales (2 percent). BMW’s aim to have 2 million BEV units on the road by the end of 2025 is motivating it to make significant developments in the EV category. The BMW X3 and i-series models are spearheading the company’s push in the BEV segment, while the 5-Series, 3-Series and X5 models are doing the same in the PHEV segment.

Volkswagen’s EV sales declined 9 pecent YoY in Q2 2022. Its shipments across Europe and the US declined by 44 percent YoY and 74 percent YoY, respectively. Bottlenecks in the supply of semiconductors and other automotive components due to Russia’s invasion of Ukraine, together with rising inflation, pushed EV sales down in these two markets. However, sales in China grew 115 percent YoY in Q2 2022. Apart from the supply chain crisis, the company’s internal issues and failure to develop new proprietary software for its vehicles are impacting the company’s EV shipment targets.

---

---

---