Correct. Tesla just closed another record quarter. And BYD just surpassed them as the largest EV producer in the world. Both of those things are true because the overall market keeps on growing very rapidly. Which means Tesla can break it's own records and yet not be the largest anymore because another company is growing even faster.

We're in a major economic down turn because of things like global pandemics and other macro economic events like the conflict in the Ukraine. Yet, this has barely impacted the growth of the EV market.

The article is rehashing the myth spread by traditional car manufacturers that the reason they are selling so few EVs is that nobody wants EVs. Which is patently false. More people bought EVs last year than any year before. Just not from them.

The actual reason they are producing so few EVs is that they are struggling to produce them cost effectively. There is no demand problem if they price them right. But if they do that, they actually loose money on the few EVs that they do produce. The reasons for all this are complicated and relate to their outdated manufacturing and supply lines that are optimized for their now obsolete ICE vehicles. They can build EVs but they just aren't very good at it yet. Too many parts. Too many suppliers. Too slow to assemble them. Lots of supply chain issues to source batteries, chips. Lots of issues with software. Etc. They are basically about 5-8 years behind technically.

Tesla, BYD, and others don't have these issues because they built their EV manufacturing from scratch and have been optimizing how that works for the last ten years. Tesla became profitable about six years ago (and ridiculously so). BYD has been growing in China and started expanding internationally only recently. Both are profitable and rapidly growing market share. And they are now able to produce vehicles much more cheaply and are waging a price war that pushes prices down for everyone else too.

And its about to get worse as they are getting ready to mass produce cheap (<~25K$) EVs by the millions. All the signs are that 1) this is actually happening in the next 2-3 years 2) there are exactly zero signs of demand challenges whatsoever for any of those vehicles 3) this will start decimating the market for traditional ICE vehicles and 4) This will continue relentlessly beyond 2026 until there's nothing left of that market; probably by the mid to late 2030s or so.

So, yes the article, and the site it's on are not great. To put it mildly.