Tesla is global EV leader but who is on 2nd spot? Hint, it isn't who you think
- Tesla is the superstar when it comes to electric vehicles across the world but there is a second-placed challenger that is sharpening its blade.
Tesla dominates the global field of play and has a sizeable lead over car makers that otherwise have a rich legacy and decades of experience. The US-based electric vehicle (EV) giant offers multiple models and the likes of Model 3 and Model Y have not just emerged as the best-selling EVs but have been topping overall car sales charts too. But while its lead is formidable, Tesla is facing a challenge from a Chinese manufacturer.
China is the world's largest auto market as well as the largest EV market. Almost every vehicle manufacturer either has a presence here or wants to enter the market. EV manufacturers in particular have to compete with a long lineup of local players too in order to tap into the huge market. And while Tesla is a strong player, there are giant steps being taken by BYD as well.
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BYD is China's largest car-selling brand and delivered 700,244 new-energy vehicles in the second quarter of the year. This includes fully-electric models as well as plug-in hybrids in near 50:50 ratio, and was a record for the company. In the same quarter, Tesla delivered 466,140 fully-electric models which too was a record for the company.
Tesla does indeed have a lot of reasons to celebrate and cheer. The deliveries in the second quarter of this year were up by an impressive 83 per cent over figures from the same time frame last year. It is also reported that the company was able to reduce the gap between units manufactured and units delivered which points to a higher demand for Tesla EVs.
Warning bells amidst jingle bells
Even though Tesla is having an early Christmas of sorts the world over, it is facing the proverbial heat in China with BYD upping its game. BYD has a newer lineup of car models. The Shenzhen-based manufacturer also tends to be aggressive with its pricing.
BYD did not impress much in the first quarter of the year but this is what has also made its turnaround in the second quarter even more impressive, selling 251,685 new energy vehicles in June alone.
The Chinese government's push to once again incentivise battery-powered vehicles and take such vehicles to the heartlands of the country on the bank of better infrastructure is also likely to help local players like BYD more than global brands like Tesla.
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