The company’s dominant position in the American EV market, which it has held since the introduction of its Model S in 2012, took a hit on the back of competition from rival automakers, including EV manufacturers in China.
The total number of electric cars and light trucks sold in the US exceeded 330,000 units during the second quarter, representing 8 percent of all new car sales in the period, up from 7.2 percent a year earlier.
At the same time, Tesla’s EV lineup has aged, with the best-selling Model Y debuting in 2020.
Tesla’s global sales were down in Q2 as well. The company reported a 4.8 percent drop in sales worldwide for the quarter, with approximately 444,000 units sold. Cox estimates its US sales fell by 6.3 percent to 164,000 cars.
The facility is expected to produce up to 150,000 vehicles annually and will help BYD circumvent newly increased tariffs imposed by the European Union on Chinese-made EVs. The Turkish plant is also part of BYD’s broader strategy to expand production outside China, including new facilities in Thailand and plans for a plant in Mexico.
BYD’s expansion comes amid increasing regulatory challenges in the west.
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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