China’s BYD sold a record number of electric and hybrid cars in the second quarter, sales data compiled by Bloomberg News showed, as price cuts and new technologies boosted consumer spending. China’s top-selling car brand sold nearly 1 million models in the period, cementing a recovery after a slow start to the year. Sales were driven in part by the company’s decision to cut prices on most models earlier this year, sacrificing profitability, to focus on gasoline-powered models made by foreign brands.
In terms of purely electric vehicles, The Shenzhen-based auto giant’s quarterly sales of 426,000 units put it within touching distance of overtaking Tesla as the world’s largest seller of electric vehicles. Tesla, which analysts expect to sell 441,019 electric vehicles in the second quarter, has been seeing sales slump in key markets such as China and Europe. BYD sold a record 982,747 passenger vehicles between April and June. In June, it sold 340,211 electric and hybrid passenger vehicles, also a record on a monthly basis. Exports also rose by more than 100,000 units for the first time in a quarter as trade tensions escalated.
«The resistance of the United States and, more recently, the European Union’s crackdown on China’s electric-vehicle exports could undermine BYD’s global ambitions in key markets,” Bloomberg writes. “In Europe, sales are sluggish even before additional tariffs are fully imposed. The company hopes to capture consumers’ attention in part by sponsoring the European Championship soccer tournament.” During the second quarter, Bloomberg recalls, “BYD launched its first hybrid pickup in Mexico as it expands into a new type of vehicle. The automaker also unveiled a new plug-in hybrid platform capable of more than 2,000 kilometers of range, further boosting sales.”
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