It is commonly believed that Tesla is the largest or practically the only automotive company that controls the entire market. And although for a while this was true, now Elon Musk is about to lose the place against BYD, an apparently modest Chinese company.
BYD, the manufacturer that will beat Tesla
Han EV, a popular BYD model
According to a Reuters report, BYD, the Chinese automaker, is on the verge of overtaking Tesla as the world leader in electric vehicle sales. This change symbolizes a significant turning point for the electric vehicle market and underscores China’s growing influence in the global automotive industry, which until now was believed to be under complete U.S. control. The detail is that Chinese manufacturers such as BYD and SAIC Motor are making significant progress in the market, with China now competing with Japan for the first place in global car exports, with a substantial share being electric vehicles.
According to the figures, Tesla only sold 3000 more cars than BYD last quarter, so the calculated graph determines that the Chinese company will surpass the American one in the next quarter:
NYD will overtake Tesla very soon
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And how is it that China is achieving this change? Well, unlike Tesla, BYD focuses on affordability, offering several models at a lower cost than the Model 3, Tesla’s cheapest model. With much lower prices, BYD is convincing more and more people to switch to the electric market, which Tesla has a harder time with due to its high prices.
China already exports the same amount of vehicles as Japan
It should be remembered that Warren Buffett invested a significant amount in BYD in 2008, recognizing its potency, and today, more than a decade later, it is paying off. Despite initial criticism, BYD transformed its product line in recent years thanks to international hires, including design executives from Audi and Ferrari. In addition, the global recognition of this brand has also been growing. In recent years, the founder of the Chinese brand, Wang Chuanfu, has traveled to car shows, market launches and diplomatic meetings.
In fact, BYD is already one of the largest sellers of vehicles worldwide (both electric, hybrid and combustion), as it is already ranked #9, just a little below Ford:
Now that BYD will become the #1 electrical manufacturer, the goal now will be to beat itself to keep people’s interest. That’s why analysts anticipate the brand’s third generation of models next year, which could include advanced technology such as automated driving capabilities, among others.
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