(VitalNews.org) – The Chinese electric vehicle maker BYD is expected to take the crown for first place against Tesla in the United States for the top electric vehicle battery maker.
According to a Counterpoint Research report, the BEV market is expected to surge and the Chinese brand could overtake Tesla’s spot. “This shift underscores the dynamic nature of the global EV market,” Counterpoint analysts said. BYD’s second-quarter battery electric vehicle sales jumped up twenty percent and Tesla’s second quarter fell five percent.
BYD was still unable to match Tesla, even having produced 1.4 million hybrid cars and 1.6 million battery-only passenger cars, but Counterpoint says that China still “remains a dominant force in the BEV market.” The research firm also said that China’s BEV sales are expected to be four times the amount of North America’s for this year.
Chinese sales are expected to top both American and European sales at the end of the decade and China is expected to have over fifty percent of the BEV market by 2027. The European Union said that it will be putting higher tariffs on Chinese EV imports to help combat the “threat of clearly foreseeable and imminent injury to EU industry.”
They will be subject to an additional seventeen percent tariffs on imports from China and other nationals are looking to place more tariffs on the imports as well.
Counterpoint Research’s associate director Liz Lee spoke out saying, “The EU’s new tariff rates for Chinese EVs aim to level the playing field for European EV manufacturers, which are struggling to compete with lower-priced Chinese imports.”
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