China electric vehicle sales surged 154% last year, with Warren Buffett–backed BYD topping Tesla
BY
EAMON BARRETT
January 7, 2022 4:15 AM EST
https://fortune.com/2022/01/07/china-electric-car-ev-sales-2…
Electric vehicle sales in China skyrocketed 154% last year, despite a global slowdown in auto sales owing to the crunch in semiconductor supplies, as more consumers opt for greener cars. According to industry analyst ZoZo Go, electric vehicle (EV) makers sold a total of 3.3 million units in China in 2021, up from 1.3 million in 2020, and 1.2 million in 2019. According to Seeking Alpha, EV sales worldwide increased 69% in the first 11 months of the year, with China outpacing global growth.
The Shenzhen-based BYD, backed by Warren Buffett, grabbed pole position, shipping 603,783 units—up 218% on the year before. Meanwhile Tesla came in second place in China last year, selling an estimated 240,000 vehicles during 2021, accounting for 26% of the Texas-based company’s global sales.