BYD delivered 165,505 battery electric vehicles in October, up 60% year over year.
BYD’s battery electric vehicle sales growth just won’t let up. It’s about to take a sales crown from Tesla. The Chinese EV upstart’s success also exposes a risky bet from Tesla CEO Elon Musk to wait on producing a low-price vehicle.
That’s the closest the race between the two has ever been. In the third quarter of 2022, BYD shipped 258,610 units while Tesla shipped 365,923. In the third quarter of 2021, BYD shipped 91,684 units while Tesla shipped 237,823. Investors shouldn’t really care who is larger, as long as growth is as expected. What’s more, most BYD sales come in China and Tesla sells EVs in all major global markets. Tesla vehicles are also more expensive than BYD vehicles.Still, BYD’s success does illustrate that there is a market for lower-priced EVs. That’s something Tesla is working on but the company elected to work on big first, launching the Cybertruck in 2019. That truck is due to be delivered to customers this month.
One thing that is a relief to both BYD and Tesla investors is the strength of the Chinese EV market. BYD sales rose 60% year over year. October sales volumes at NIO , XPeng , and Li Auto hit 76,498 units combined, up some 200% year over year.
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