The center stage of the flourishing electric vehicles (EVs) manufacturing has transposed from tech giant Tesla to its Chinese rival BYD (Build Your Dreams). BYD’s shares surged as it announced that it expects third-quarter profits to more than double from last year’s figures. As a result, the company has reportedly outpaced Tesla in terms of quarterly production and is second only to the American auto giant in global sales.
Founded in February 1995, BYD is a high-tech company devoted to technological innovations for a better life. After more than 20 years of its inception, the company has established over 30 industrial parks worldwide and has played a significant role in industries related to electronics, automobiles, new energy and rail transit.
At the Shanghai auto show in April, the company’s yet to capture the global market for affordable EVs was unveiled in the tiniest package, with the lowest price tag: a compact battery-powered hatchback called the Seagull that sells for just over $11,000.
In 2002, BYD became a publicly traded company and diversified its operations by acquiring the struggling state-owned car manufacturer, Qinchuan Automobile Company. At this time, the Chinese government was introducing subsidies and tax breaks to encourage renewable energy production, providing an ideal opportunity for BYD.
In 2008, US billionaire investor Warren Buffet bought a 10% stake in BYD Auto, saying that it would one day become “the largest player in a global automobile market that was inevitably going electric.” Making those words into reality, China dominates global EV production largely because of BYD.
On the other hand, Tesla has sold 156,621 cars in Q3 and 493,513 cars in 2023 to date, both of which are more than for the same periods in 2022. However, as per reports, its market share has fallen from 62% to 50% as other brands begin to find their feet in terms of production.
As Nikkei Asia reports, during the first six months of 2022, Tesla sold 564,000 vehicles. However, Shenzhen-based BYD saw a 300% jump and sales totaled 641,000 vehicles, making it as the No.1 at the moment.
