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Tesla is no longer the world’s largest electric vehicle manufacturer

BYD saw a 315 percent increase in sales from last year - it sold 640,000 electric vehicles, while Tesla delivered 564,000

Elon Musk’s Tesla no longer reigns as the world’s largest producer of electric vehicles.

The company now ranks second behind China-based BYD, an auto giant backed by Warren Buffett’s Berkshire Hathaway, surpassing it in the first six months of this year.

BYD saw a 315 percent increase in sales from last year – it sold 640,000 electric vehicles, while Tesla delivered 564,000.

And the China-based company is poised to sell 1.5 million EVs this year.

Tesla blames its slump on ongoing supply chain problems and sales interruptions in China after its operations were hit by coronavirus lockdowns and travel restrictions, Tesla said. Nikkei Asia who first reported on the case.

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BYD saw a 315 percent increase in sales from last year - it sold 640,000 electric vehicles, while Tesla delivered 564,000

BYD saw a 315 percent increase in sales from last year – it sold 640,000 electric vehicles, while Tesla delivered 564,000

Tesla’s stock fell more than three percent Tuesday morning, due to a quarter-over-quarter decline in vehicle deliveries for the first time in two years.

CNBC News reports that Tesla shares could fall more than 40 percent due to weaker deliveries.

In addition to supply chain issues, Tesla is also struggling to ramp up production at its two new giga plants in Austin, Texas and Germany.

Musk does not shy away from the struggle, however, calling the new factories “gigantic money kilns.”

And China-based BYD (pictured) is poised to sell 1.5 million EVs this year

And China-based BYD (pictured) is poised to sell 1.5 million EVs this year

And China-based BYD (pictured) is poised to sell 1.5 million EVs this year

Tesla's stock fell more than three percent Tuesday morning, due to a quarter-over-quarter decline in vehicle deliveries for the first time in two years.

Tesla's stock fell more than three percent Tuesday morning, due to a quarter-over-quarter decline in vehicle deliveries for the first time in two years.

Tesla’s stock fell more than three percent Tuesday morning, due to a quarter-over-quarter decline in vehicle deliveries for the first time in two years.

Regardless, Tesla’s deliveries were 27 percent higher than the year before and the reasons for the decline may be temporary.

But this opened up an opportunity for BYD, which sold 134,036 EVs last month alone, a year-over-year increase of 162.7 percent. Barron’s reports.

Tesla, on the other hand, delivered nearly 565,000 electric vehicles in the first half of the year.

Tesla delivered 254,695 EVs in the second quarter, down 18 percent from deliveries of 310,048 in the first quarter.

But June was the highest car production month in Tesla history, according to Tesla.

Tesla may not be the largest electric car maker in the world, but its Model Y and Model 3 vehicles were named “the most American-made cars” in a Cars.com survey last month.

Tesla may not be the largest electric car maker in the world, but its Model Y and Model 3 vehicles were named “the most American-made cars” in a Cars.com survey last month.

The research was conducted by cars.com‘s annual American Made Index, in which the Tesla Model Y compact SUV was named the number one American-made car, with the Model 3 compact sedan in second place.

The index is based on a specific set of data, including where the cars were assembled, the purchase of parts through the American Automobile Labeling Act, and factory employment,

Jenni Newman, editor-in-chief of Cars.com, said in a statement: “The compilation of this year’s highly anticipated American-Made Index is particularly interesting in the context of our current market, where high gas prices and scarce supplies meet. consumer interest in electric vehicles and increased demand for US-made products.

“The common occurrence and high of the list of Tesla – an all-electric American-made brand – could indicate an impending alignment of market forces that could really explode once we break through the microchip supply chain problems, especially if gas prices hit historic levels.” stay high. It also bodes well for other OEMs, including Honda, Ford and GM, who are working to diversify product lines with more EV and hybrid options.”