Chinese electric vehicle maker BYD, backed by Warren Buffett, takes the top spot from Musk’s Tesla

Sheldon Cooper/SOPA Images/Shutterstock / Sheldon Cooper/SOPA Images/Shutterstock

BYD, the Oracle-backed Chinese electric vehicle (EV) company of Omaha, is said to have surpassed rival Tesla’s deliveries for the first half of 2022.

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“#BYD sold 134,036 new energy vehicles in June, up 162.7% YoY! In the first half of 2022, we achieved total sales of over 640,000 units. We are excited to take initiatives to build a greener future for all! the company tweeted on July 3.

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Forbes reported that Warren Buffett’s Berkshire Hathaway owns a 7.7% stake in BYD.

According to a company financial filing, BYD sold 641,350 new electric vehicles in the first half of 2022, an increase of 314.9% over the corresponding half of 2021.

By comparison, Tesla deliveries were lower, just above 564,000 for the first half. On July 2, Elon Musk’s electric vehicle company released data for the second quarter, saying it had produced 258,580 vehicles and delivered 254,695 vehicles “despite continued supply chain challenges and shutdowns. factories beyond our control,” according to an investor relations statement. The statement said June 2022 was the highest vehicle production month in Tesla’s history. This follows 310,048 deliveries for the first quarter, according to an investor statement.

Fortune notes, however, that the numbers “do not represent an apples-to-apples comparison.”

“Most of BYD’s car sales are plug-in hybrids and use gasoline engines to supplement battery power. Tesla, on the other hand, exclusively sells fully electric cars. China counts both types of vehicles as “zero emissions,” Fortune reports.

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Insider reports that unlike Tesla, BYD’s factories have remained open despite China’s “zero-Covid” policy shutdowns.

On July 5, Bloomberg also reported that Tesla would halt most production at its Model Y assembly line in Shanghai for the first two weeks of July, adding that TeslaMag reports that Tesla’s factory near Berlin will take a two-week break from July 11.

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About the Author

Yael Bizouati-Kennedy is a full-time financial journalist and has written for several publications, including Dow Jones, The Financial Times Group, Bloomberg and Business Insider. She has also worked as a VP/Senior Content Writer for major New York-based financial firms, including New York Life and MSCI. Yael is now independent and most recently co-authored the book “Blockchain for Medical Research: Accelerating Trust in Healthcare”, with Dr. Sean Manion. (CRC Press, April 2020) She holds two master’s degrees, including one in journalism from New York University and one in Russian studies from Toulouse-Jean Jaurès University, France.

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