Tesla has long dominated the global sales of the electric vehicle market. But a new Chinese competitor appears to be on the horizon: BYD. where it started BYD began selling gasoline-powered cars in 2003, before expanding into hybrid cars and all-electric vehicles.
During this year, BYD has achieved significant growth in its electric vehicle business. In the very near term, it can be the leader in selling all-electric vehicles, outperforming other competitors, according to the American Business Insider newspaper, on the topic that Al-Youm newspaper translated the most prominent of its contents.
Double growth year on year
During the year 2021, the Chinese company was able to ship up to 320,000 fully electric cars, without including any parts of the hybrid cars that represent a large part of its sales. As for this year, BYD increased its production, and within 11 months of the beginning of 2022, it doubled its production volume over last year, until it succeeded in charging about 800,000 electric cars.
Weak demand for Tesla cars
Comes rapid and remarkable success for a company BYD This coincides with indications that Tesla is declining from its momentum in the Chinese market, which is the largest market in the world in terms of electric cars. And Bloomberg magazine announced in a report this week that Tesla’s factory in Shanghai is suffering from weak production. Which indicates a decline in demand for its cars. On the other hand, Tesla rejected this report.
Unequal comparison
Some industry observers, such as Michael Dunn, founder of electric vehicle industry consulting firm Zuzu Go, believe BYD can become the leader in electric vehicle sales and can unseat Tesla. But comparing them to them is a bit like comparing apples to oranges, Business Insider reported.
BYD expands in various markets
BYD has some advantages that will help it dominate the market by 2025. If we look at Tesla, we will find that it is a very luxury brand, with the value of its cars exceeding $ 50,000. While BYD sells its cars under the name of several brands in multiple price segments. This is in addition to being the world leader in the battery industry. Besides cars, the company manufactures buses, trucks and electric forklifts. The size of BYD’s activity was not limited to the borders of China, but its sales extended to expand the sale of cars in Europe. BYD is looking forward to targeting the Mexican and Japanese markets in 2023.