BYD, the Chinese auto group backed by Warren Buffett’s Berkshire Hathaway, has dethroned Elon Musk’s Tesla as the world’s biggest electric vehicle producer by sales, signalling China’s rising dominance of the sector, reports the Financial Times.
Shenzhen-based BYD sold 641,000 vehicles in the first six months of the year, a more than 300% jump from the same period a year earlier, according to company filings. That compared with 564,000 vehicles sold by Tesla, which has blamed a tough second quarter on supply chain and sales disruptions in China after its operations were hit by coronavirus lockdowns and travel restrictions.
BYD’s rise underscores China’s strengthening position in renewable energy, boasting scale and cost advantages across much of the supply chain for electric vehicles, batteries and wind and solar energy.
