Tesla sets sales record as Musk’s price cuts boost volumes

A new sales record was also set by BYD, the Chinese maker of electric and hybrid vehicles

Elon Musk had vowed to chase volume by cutting prices

Elon Musk’s Tesla and BYD, the Chinese manufacturer, set fresh sales records in the second quarter of this year.

Tesla delivered a record 466,140 cars worldwide, outpacing Wall Street estimates while BYD posted its best-ever quarterly sales results of 700,244 new-energy vehicles, half fully-electric sales, and the other plug-in hybrids.

Tesla’s results demonstrated that Elon Musk’s vow to chase volume by cutting prices has had its intended effect. Analysts surveyed by Bloomberg had expected the ...