Elon Musk’s Tesla was the clear global leader in electric vehicle sales at the start of 2022, powered by booming demand and profit from fast-growing Chinese market. But in the first six months of the year, China-based BYD is emerging as a new competitor.
. By comparison, affordability remains a big challenge for potential buyers in the U.S. where the current average transaction price for a battery-powered model tops $64,000, according to Kelley Blue Book–reflecting Tesla’s U.S. dominance of that segment.
Analysts generally expect Tesla’s production pace to accelerate in the second half of 2022, aided by the addition of new plants in Germany and Texas, though output has temporarily slowed again ag Giga Shanghai and Giga Berlin as those facilities are modified to boost production capacity.Among major automakers, Volkswagen and the Hyundai-Kia group are also increasing competition for Tesla in global markets as newer Chinese players look to expand sales in Europe and in Asian markets.
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