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Chinese automaker BYD inches closer to global EV dominance as Tesla sales dip

Economic Times · 1y

BYD, the Chinese automaker, is closing in on Tesla as the world's largest electric vehicle (EV) seller. In the last quarter, BYD nearly surpassed Tesla in sales, driven partly by Tesla's delivery decline due to factory downtime. BYD sold 431,603 fully-electric vehicles in the quarter, a 23% increase, compared to Tesla's 435,059. BYD's growth includes hybrid models, and it is expanding its appeal with luxury and budget-friendly EVs. The company's export sales are also increasing, making up 9% of its third-quarter sales, contributing to its dominance in the EV market.