China’s Warren Buffett-backed BYD takes the top spot by outselling Elon Musk’s company by 77,000 EVs in the first six months of this year
Tesla, which was founded by Elon Musk, is no longer the leading manufacturer of electric vehicles in the world.
The company is currently in second place, trailing the Chinese vehicle manufacturer BYD, which was outsold in the first half of this year and is funded by Warren Buffett’s Berkshire Hathaway.
Compared to the previous year, BYD had a 315 percent increase in sales, selling 640,000 electric vehicles against Tesla’s 564,000.
Additionally, the Chinese business expects to sell 1.5 million EVs this year.
According to Nikkei Asia, which broke the story first, Tesla has blamed its downturn on ongoing supply chain problems and sales disruptions in China after its operations were affected by lockdowns and travel restrictions related to the coronavirus.
Due to a first-in-two-years decline in vehicle sales when compared quarter to quarter, Tesla’s shares was down more than three percent on Tuesday morning.
Tesla is having trouble ramping up production at its two new gigafactories, which are located in Austin, Texas, and Germany, in addition to problems with the supply chain.
Musk, on the other hand, does not shy away from discussing the challenge and has referred to the new factories as “gigantic money furnaces.”