BYD sells more electric cars than Tesla and is now the market leader

China’s BYD has become the global market leader in electric cars. It sold 526,000 cars last quarter, more than Tesla’s 484,000. It is the first time that BYD sells more cars than Tesla.

Many of BYD’s sales are in its home country China, reports Financial Times. It wants to sell more copies in other countries. The sales of Tesla and BYD were already approximately the same last summer, but in the last quarter BYD surpassed Tesla for the first time.

BYD can increase production relatively quickly because it manages much of the supply of components in-house. It also owns mines and produces the batteries that go into cars. The company was able to grow so quickly due to extensive support from the Chinese state.

BYD Seagull