BYD the Chinese electric vehicle manufacturer, is on the verge of dethroning Tesla
China’s control of battery supply chains, as well as its emphasis on charging networks, has increased EV sales.
According to the World Economic Forum, China will dominate the world in electric vehicle manufacturing with 64% of overall production and 59% of worldwide EV sales in 2022.
BYD, one of its largest EV manufacturers, is poised to dethrone Tesla as the world’s top seller of electric vehicles.
In the three months ending September 30, BYD sold just 3,000 fewer EVs than Elon Musk’s business. Analysts believe it will surpass Tesla by the end of the year, marking a watershed moment for EVs.
Tesla only sells four vehicles: the Model S and Model 3 sedans, as well as the Model X and Model Y SUVs. They all have premium price tags ranging from $40,000 to $100,000.
BYD, on the other hand, has prioritized cost, which has helped them acquire a broader spectrum of consumers and create a new generation of EV drivers.
Seeing BYD beat Tesla in the EV battle may not offer Elon Musk much holiday happiness this season. But he should be thankful that the Chinese corporation only sells electric buses in America and not cars – at least not now.
