In the U.S., Tesla is leading the way in the electric vehicle revolution, but facing tough competition from domestic automakers in China, the largest EV market. BYD, backed by Warren Buffett, has surpassed Tesla as the top EV maker globally in the fourth quarter of 2023.
BYD, founded by Wang Chuanfu, transitioned from making batteries for mobile phones to becoming a top car brand in China and a major producer of EV batteries. Their lithium-iron phosphate batteries offer advantages over lithium-ion batteries, being long-lasting and cheaper to manufacture.
BYD’s cars are priced competitively, with some models starting under $20,000. They are expanding globally, with plans for a European factory in Hungary and potential ventures in Mexico. With eyes set on entering the U.S. market, BYD is gearing up to compete and thrive in Western markets. Watch the video to learn more about BYD’s journey from a battery maker to an EV giant and what’s next for the company.
In the world’s largest EV market, China, domestic automaker BYD has been giving Tesla serious competition. In the fourth quarter of 2023, BYD surpassed Tesla as the top EV maker globally. Founded by Wang Chuanfu, BYD started as a battery maker for mobile phones before pivoting to autos in 2003. BYD is known for building high-quality lithium-iron phosphate batteries that are cost-effective and long-lasting. Many of its EV models are priced under $20,000, with some starting as low as $11,500, making them very competitive in the market. BYD is expanding globally, exporting over 240,000 cars to 70 countries last year. The company plans to open a European factory in Hungary and is looking for sites in Mexico. It is also preparing to enter the U.S. market, with plans to compete there as well. BYD’s growth from a battery maker to an EV giant is a testament to its success in the industry, and its future looks promising as it continues to expand and innovate in the electric vehicle market.
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