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.
Tesla is expected to report a 6% drop in April-June quarter vehicle deliveries on Tuesday, the first time the U.S. firm is set to post two straight quarters of decline, as it deals with stiff competition in China and slow demand due to a lack of affordable new models. The EV maker has cut output of its best-selling Model Y electric car by a double-digit percentage number at its Shanghai plant since March to address weakening demand for its aged models in China, its second-largest market after the United States, Reuters reported in May.
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 .
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