China’s BYD surpasses Tesla to regain lead in global EV race

AI Summary

China’s BYD has overtaken Tesla as the world’s largest battery-powered car manufacturer, driven by strong overseas shipments despite an 8.2% year-on-year drop in deliveries. This shift highlights China's growing leadership in the global electric vehicle market amid ongoing energy challenges.

China’s electric vehicle (EV) king BYD has leapfrogged once more over Tesla to become the world’s largest battery-powered car manufacturer, spurred by its surging overseas shipments, despite posting an 8.2 per cent year-on-year drop in deliveries. As BYD gained the upper hand in the race against the US carmaker, it is the latest signal that China’s prowess in EVs is increasingly recognised by consumers around the globe amid an energy crisis. Tesla said in a statement on Thursday that it had...