Tesla loses the title of largest producer of electric cars in the world

China's BYD has overtaken US billionaire Elon Musk's TESLA company as the world's largest producer of electric cars in terms of sales.

According to Axios, the company sold 641,000 vehicles in the first six months of the year, an increase of more than 300% over the same period the previous year.

In the first two quarters of 2022, BYD sold 323,519 battery electric vehicles and 314,638 hybrid electric vehicles.

BYD shares are up 36% since January, and the company has managed to avoid factory closures due to the shutdown.

By comparison, Tesla sold 564,000 vehicles in the first six months of the year, according to figures in its first and second quarter reports.

Tesla reported that it faced supply chain challenges and factory closures throughout the year.

The company was forced to temporarily close its factory in Shanghai due to the outbreak of the Corona virus in the city.

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