(Bloomberg) — Tesla Inc. and BYD Co. set fresh sales records in the second quarter, widening their lead as the world’s top-selling clean automakers.

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Elon Musk-led Tesla delivered a record 466,140 cars worldwide in results posted Sunday, outpacing Wall Street estimates. BYD, China’s biggest-selling car brand, posted its best-ever quarterly sales results of 700,244 new-energy vehicles — half fully-electric sales, and the other plug-in hybrids.

BYD’s shares jumped as high as 3.2% Monday morning in Hong Kong. Tesla battery suppliers Contemporary Amperex Technology Co. Ltd. and LG Energy Solution Ltd. rose as much as 2.3% and 3.1% Monday respectively before paring gains.

Tesla’s Results

Tesla’s results demonstrated that Chief Executive Officer Musk’s vow to chase volume by cutting prices has had its intended effect. Analysts surveyed by Bloomberg had expected the company to ship 448,350 cars in the quarter.

“It’s a big beat,” said Ben Kallo of Robert W. Baird in a phone interview Sunday morning. “People were still bracing for another round of price cuts, and this big delivery number makes that less of a risk.”

The deliveries are the most ever in a quarter for Austin-based Tesla, and a 83% increase from a year ago. The company also managed to trim the gap between production and deliveries — a figure closely watched by analysts — to 13,560 units in the second quarter. In the first quarter, it produced nearly 18,000 more cars than it delivered to customers.

“Everyone was worried about inventory build, and it looks like they’ve normalized,” said Kallo. “The delta between production and deliveries is shrinking, which is what Tesla said they would do.”

Tesla, which sells its cars directly to consumers, has a lot of levers to move vehicles. Besides cutting prices across the lineup earlier this year, the company introduced perks, such as three months of free fast-charging in the US for cars delivered before June 30, to entice buyers. Analysts have predicted price cuts will continue into next year.