BYD To Pass Tesla Global EV Sales
BYD is expected to become the leader in worldwide EV sales. Tesla has that distinction now. According to a Bloomberg forecast, “BYD Co. may eclipse Tesla Inc. in annual electric vehicle sales this year as demand surges in China but stalls in the US and Europe, according to Bloomberg Intelligence.” Earlier, Bloomberg forecast Tesla would be No.1 for another five years.
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Climatecrisis247 believes that Tesla’s recent earnings show a slowing revenue growth rate. BYD’s growth will be mainly because of its home market of China, which is the largest car market in the world by far. BYD has also started to expand into the EU and is expected to do the same in Southwest Asia and South America. BYD is still mostly locked out of the US because of tariffs. Cheap EVs may be what saves the industry.
The last few weeks have been challenging for Tesla. First, it posted disappointing second-quarter sales. A total of 411,000 vehicles were produced, and a total of 444,000 were delivered. Tesla has had impressive Cybertruck numbers.
Second-quarter earnings were also disappointing. Revenue was up 2% to $25 billion in the quarter year over year, but net income dropped 45% to $1.5 billion. The news dropped shares by 10%.
According to The New York Times, the results will most likely heighten pressure on Tesla and its chief executive, Elon Musk, to show that the company can find new ways to grow and make money. It was rumored that Tesla would not go into the small car market, but CEO Elon Musk denied that.
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