Tesla Inc (NASDAQ:TSLA) and China's BYD have posted new sales records for the second quarter, furthering their lead as the world's leading electric vehicle (EV) manufacturers, according to Bloomberg.
Tesla exceeded expectations by delivering a record-breaking 466,140 cars globally, a yearly increase of 83%.
BYD, China's largest car brand, reported its highest-ever quarterly sales with 700,244 EVs.
Tesla's achievement has been attributed to CEO Elon Musk's successful strategy of boosting volume by lowering prices.
The impressive sales results also boosted shares for Tesla's battery suppliers, Contemporary Amperex Technology and LG Energy Solution.
Despite the rising global competition, Tesla remains the top EV producer in the US, with the Model 3 and Y accounting for 96% of sales.