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Tesla Is No Longer The World’s Largest Seller of EVs

by WOOWinvest
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Tesla Is No Longer The World’s Largest Seller of EVs

Here’s a dream poster: Elon Musk vs. Warren Buffett.

The new big boss in business takes on the Oracle of Omaha.

According to the Bloomberg Billionaires Index, the world’s richest man had an estimated fortune of $210 billion as of July 4, compared with the world’s seventh-richest man with a fortune of $96.4 billion.

One of the most respected and innovative serial entrepreneurs, against one of the most respected and influential investors.

We can go on to say superlatives. But their long-awaited first game advantage went to Buffett.

In fact, the chairman and CEO of Berkshire Hathaway has just dominated Tesla’s CEO in a way that would hurt Tesla’s CEO, especially in terms of prestige, through a company he’s invested in. executive officer.

Buffett-backed electric car maker BYD Auto has now overtaken Tesla as the world’s largest seller of electric cars (TSLA) – Get Tesla Inc report. The Chinese company sold 641,350 new energy vehicles in the first six months of this year (January 1 to June 30), according to company filings with the Hong Kong stock exchange.

Tesla delivered 564,743 vehicles during the same period, including 254,695 in the second quarter, the company said on July 2. Musk’s company has been slowed by the Covid-19 resurgence in China, which forced Tesla to temporarily close its Shanghai factory for several weeks. In 2021, Shanghai will account for half of Tesla’s global production.

BYD sold 76,607 more cars than Tesla

Still, BYD is experiencing staggering growth: The automaker’s sales rose 314.9% in a year. The group sold just 154,579 vehicles in the first six months of 2021.

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Founded in 2003, the Chinese automaker has sold 76,607 vehicles, surpassing Tesla, which has held the number one position in electric vehicles for years.

BYD is using Beijing’s political will to push consumers to cut carbon dioxide emissions alone. By the way, BYD’s factories have not been affected by the lockdown because they are located in less densely populated areas such as Shanghai.

However, the Chinese manufacturer’s scandal could hamper its future plans. Authorities in Hunan, a mountainous province in southern China, have launched a contamination investigation into the company after residents complained of vomiting and difficulty breathing, according to news reports. Residents also said a BYD factory in the area had caused hundreds of children to have nosebleeds, according to Bloomberg.

Awaiting the outcome of this investigation, BYD appears to have retaliated against Musk and Tesla. In 2011, when reporters tried to portray BYD as a rival to Tesla, Musk burst into laughter

“Have you seen their car?” the billionaire was asked about BYD Auto in a November 15, 2011 interview with Bloomberg News.

“I don’t think they have a great product,” Musk added. “I don’t think it’s particularly attractive, but the technology is not very strong. And BYD as a company has quite a serious problem in their home country of China. So I think their focus is and should be rightly placed on making sure they don’t Died in China.”

Another sign of BYD’s success is that the company could soon become a supplier to Tesla.

“We are now good friends with Elon Musk because we are ready to supply Tesla with batteries soon,” Lian Yubo, executive vice president of BYD, said in an interview with Kui Yingchun, an anchor of China’s state broadcaster CGTN, last month.

Tesla has never commented on the rumors.

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