China’s BYD recorded a 22% year-over-year increase in EV sales in July, marking a third straight month of growth, as overseas gains continued to help offset slumping demand at home.
The company must sharply lift its second-half sales to meet its annual goal, Bloomberg noted, as a sluggish Chinese economy and intensifying competition depress its domestic sales; last week, BYD unveiled the first non-Japanese electric mini-car for Japan.
Tesla sales have recovered in Europe, spurred by higher fuel prices, but polling suggested Europeans find the Chinese government’s support for BYD less toxic than Tesla’s association with CEO Elon Musk, as the US automaker weighs spinning out or selling its China business before potentially merging with SpaceX, The Wall Street Journal reported.
