BEIJING - China's BYD posted a 21% rise in second-quarter electric vehicle sales, closing the gap with Tesla after handing back the world's top EV vendor title to the U.S. rival in the first quarter.
The company may again cede its EV championship to BYD if the actual results turn out to be softer than estimated, with Barclays predicting an 11% drop in second-quarter deliveries, Tesla's biggest ever.Tesla has hit a speed bump after years of rapid growth that helped make it the world's most valuable automaker. It warned in January that deliveries growth in 2024 would be "notably lower" as a boost from months-long price cuts wanes.
Price cuts and a growing shift in consumer demand to EVs and hybrids from gasoline-powered vehicles are the main reasons behind Chinese EV makers' strong sales in recent months, said Cui Dongshu, secretary general, China Passenger Car Association .