December 3, 2023

Tesla is now the second largest producer of electric cars after Chinese rival BYD has overtaken Elon Musk to take the number one spot.

as such Nikkei Asia Report(Opens in a new window)During the first six months of 2022, Tesla managed to sell 564,000 cars. However, Shenzhen-based BYD saw a 300% jump and total sales reached 641,000 vehicles. Maybe Musk won’t be too upset that he’s no longer at the top simply because he was out of his control and Tesla’s.

A number of electric car makers, including Tesla, Li Auto, Xpeng and Nio, have been hit hard by the recent shutdowns within China, more specifically in Shanghai. However, BYD’s plants are mainly located in areas that have not experienced prolonged shutdown periods, and thus production has continued apace.

It’s still unclear if Tesla will regain the top spot, but the company sold 936,172 vehicles in 2021. BYD, which is partly owned by Warren Buffet’s Berkshire Hathaway, is the world’s second largest EV battery producer after overtaking LG. Having factories that are not likely to be affected by shutdowns while having access to an ample supply of batteries is a very powerful combination.

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Meanwhile, Tesla faces several major hurdles. Elon Musk recently commented that the giant Tesla’s Berlin and Austin factories are “giant ovens for money,” the electric car manufacturer has recently increased prices for all of its models, there is an ongoing investigation into autopilot accidents, and the company is being sued for violating federal law.

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