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BYD Reports Strong Earnings. It and Tesla Are Pulling Ahead.

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Both companies are increasing deliveries faster than the overall market and both are profitable.

Both are profitable, which few EV rivals can claim. Both are also boosting EV deliveries faster than the overall market, while BYD is increasing its profitability, closing the gap with Tesla.

The company delivered 1.2 million passenger vehicles and about 642,000 battery-electric vehicles, or BEVs, up about 95% and 92% from a year earlier, respectively. That isn’t bad. The significant price cuts that Tesla rolled out to start the year explain what happened. Margins fell as a result, but the lower prices kept sales high. Tesla sold almost 890,000 BEVs in the first half of 2023, up 57% from the roughly 565,000 sold in the first half of 2022.Ford Motor says it is on pace to lose $4.5 billion selling EVs in 2023. It delivered about 26,000 BEVs in the U.S. in the first half of 2023, up about 10%.

China is the largest market for new EVs. About 3.5 million NEVs and 2.5 million BEVs were sold in the first half of 2023.

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