Tesla And Buffett-Backed BYD Lead EV Revolution, Leaving Japanese Automakers In The Dust: Report

Author: Anan Ashraf | June 01, 2023 08:06am

U.S.-based Tesla Inc (NASDAQ:TSLA) and Chinese EV maker BYD Co Ltd (OTCPK: BYDDY) (OTCPK: BYDDF) are leading the transition to electric vehicles while Japanese automakers lag, as per a recent report by a nonprofit organization.

What Happened: As per The International Council on Clean Transportation (ICCT)’s global automaker rating 2022 report published on Wednesday, Tesla and BYD are the leaders of the ZEV transition with Tesla a few steps ahead of its Chinese rival.

Japanese automakers Toyota Motor Corp (NYSE:TM), Honda Motor Co Ltd (NYSE:HMC), Nissan Motor Co Ltd (OTCPK: NSANY), Mazda Motor Corp (OTCPK: MZDAY), Suzuki Motor Corporation (OTCPK: SZKMF) and India-headquartered Tata Motors have been named laggards in the report.

Other U.S., German, Chinese and Korean automakers including Volkswagen AG (OTCPK: VWAGY), Ford Motor Co (NYSE:F), Geely Automobile Holdings Ltd (OTC:GELYF) (OTC:GELYY), Hyundai Motor Co (OTC:HYMTF) and Kia Corp (OTC:KIMTF) are, in the meantime, transitioning to EVs, the report added.

For the report, the organization evaluated 20 manufacturers across the world based on their light-duty sales in 2022, actions and zero-emission vehicle strategies.

Why It Matters: Tesla delivered 422,875 cars in the first quarter while Warren Buffett-backed BYD delivered 552,076 units- 264,647 pure EVs and 283,270 PHEVs.

China also dethroned Japan to become the world’s largest exporter of cars at the end of the quarter owing to the growing popularity of electric vehicles. While China exported 1.07 million vehicles, Japan exported 954,185 vehicles, followed by Germany.

Check out more of Benzinga’s Future Of Mobility coverage by following this link.

Read More: Tesla Roadster Reservations Are Open Again: How To Book Yours

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