Chinese EV may be the new Tesla killer

Chinese auto producer BYD sold more than 641,000 electric vehicles in the first six months of the year, making the company the world’s top EV maker in terms of sales, Chinese media reports, citing industry data.

The results are better than Elon Musk’s Tesla, which delivered 564,000 electric cars during the same period. The figure marks a 315% year-on-year increase in sales for the Chinese EV maker.

Last month, BYD announced plans to supply batteries to Tesla “very soon.” According to the company’s latest annual report, rechargeable batteries and photovoltaic cells made up 7.29% of BYD’s revenue pool in 2021, dwarfed by the more than 50% share taken up by auto and related products.

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