Tesla Versus the World

The Chinese auto maker BYD made a splash earlier this week when it said it sold 638,157 "new energy passenger vehicles," or NEVs, in the first six months of 2022. That was notable because it compared with the 564,753 electric vehicles that Tesla sold in the first half of the year.

But BYD includes both fully battery-electric vehicles and plug-in hybrid cars in its count. The latter have both batteries and gasoline-powered engines, so it's not an apples-to-apples comparison. Tesla only sells fully battery-powered EVs.

While Tesla still occupies the EV throne, there are no shortage of competitors gunning for its title. Al Root writes:

Including a joint venture with General Motors, SAIC delivered 301,451 NEVs in the first half of the year...Volkswagen is the European leader in EV sales and should come in fourth place when it discloses its volume figures for the first half.

It ranked fourth globally in the first quarter, selling almost 100,000 battery-electric vehicles. In all of 2021, it delivered 452,900 and is on pace to ship perhaps 250,000 in the first half of this year, based on recent growth rates.

Hyundai Motor should sit in fifth place. It is on pace to sell about 200,000 EVs in the first half after delivering about 90,000 globally in the first quarter of 2022.

Chinese EV start-ups XPeng, Li Auto, and NIO delivered about 180,000 EVs overall in the first half of the year.

There are startups entering the space as well, including Lucid Group and Rivian Automotive. The pair has plans to deliver a combined roughly 40,000 EVs this year.

There will be a flood of new EV models coming to market over the next few years. Bank of America analyst John Murphy counts more than 90 new battery-electric models to be launched between 2023 and 2026, and roughly 50 hybrids.

Here's Al again:

Among traditional auto makers, General Motors and Chrysler parent Stellantis have the most new EVs coming. And EVs account for the highest percentage of new products at General Motors and Volkswagen.

The combination of the percentage and absolute number of EV launches make GM look like it’s all in on battery-powered technology. The coming lineup is why CEO Mary Barra believes her firm can catch Tesla, the EV leader, by mid-decade. GM will have one of the broadest product lineups that addresses most vehicle segments.

Tesla, meanwhile, currently sells four models—the pricier Model S and Model X and the relatively less expensive Model 3 and Model Y—and has the Cybertruck and a new roadster in the pipeline.

Tesla stock had a good day today, also helped by news that the Chinese Ministry of Commerce would continue to support sales of both new and used cars. The shares added 5.5%.