BYD Co sold a record number of electric and hybrid cars in the second quarter (2Q), sales data compiled by Bloomberg News shows, as price cuts and new technology stoked consumers into purchases.

China’s best-selling car brand sold nearly one million models over the period, solidifying a rebound after a slow start to the year. The sales were driven in part by the company’s move to reduce prices across most models earlier this year, sacrificing profitability, to target gasoline models made by foreign brands.

In terms of purely electric vehicles (EVs), the Shenzhen-based auto giant’s quarterly sales of 426,000 units put it within striking distance of overtaking Tesla Inc as the biggest seller of EVs globally again. Tesla, projected by analysts to sell 441,019 EVs in 2Q, is experiencing a slump in sales in key markets like China and Europe.

In the period between April and June, BYD sold a record 982,747 passenger vehicles. In June, that amounted to 340,211 electric and hybrid passenger vehicles, also a record on a monthly basis. Exports also rose over 100,000 for the first time in a quarter as trade tensions increased.

Pushback from the US and, more recently, the European Union over China’s EV exports could undermine BYD’s global ambitions in key markets. In Europe, sales are sluggish even before additional tariffs are fully imposed. The company is hoping to captivate consumers in part by sponsoring the European Championship football tournament. 

During 2Q, BYD launched its first hybrid pick-up truck in Mexico to expand into a new vehicle type. The car brand also unveiled a new plug-in hybrid platform capable of more than 2,000km of range, further boosting sales.

Shares in BYD’s Hong Kong-listed stock went up 15% in the most recent quarter, out-pacing Tesla’s 13% gain and most industry peers, which fell over the same period.

  - Bloomberg