LewisTsePuiLung/iStock Editorial via Getty Images
BYD (OTCPK:BYDDF) has set a new sales record in the second quarter, driven by price cuts across most models, and is inching closer towards overtaking Tesla (TSLA) once again as the world’s top seller of electric vehicles.
The Chinese EV maker sold 426,039 pure EVs in Q2, close on the heels of Tesla (TSLA), which likely sold around 440,000 units, according to analyst forecasts. Tesla is due to report its Q2 sales numbers on Tuesday.
BYD (OTCPK:BYDDF) last crossed Tesla (TSLA) to be the biggest EV seller in Q4 2023, when it sold 526,409 pure EVs compared to Tesla’s 484,507 units.
BYD (OTCPK:BYDDF) sold 982,747 passenger vehicles during April-June, according to its monthly sales reports. In June, it sold 340,211 electric and hybrid vehicles, notching a new monthly record.
The company exported 105,505 passenger vehicles in Q2, with the quarterly number crossing 100,000 for the first time.
While the European Union plans to impose provisional tariffs on Chinese battery EVs, BYD (OTCPK:BYDDF) is not expected to see a major impact.
“BYD (OTCPK:BYDDF) is likely to still profitably export to the EU even with 17% duties, and can export plug-in hybrids without additional duties,” Gregor Sebastian, senior analyst at the Rhodium Group, previously said.
BYD (OTCPK:BYDDF) shares have gained 16.6% in the second quarter, compared to Tesla’s (TSLA) 12.6% rise. Compare key stats of top EV players in the Chinese market.