Chinese electric car maker BYD sales surge, cementing the world’s largest auto market
Last year, Chinese automaker Byd beat rival Tesla and consolidated the Shenzhen-based company’s leader in China, the world’s largest auto market.
Tesla is still far ahead of BYD in terms of market valuation and is able to sell in more countries – for example, high tariffs mean BYD has effectively prevented the sale of its cars in the United States, such as major markets, but in recent years, China has lowered returns. Meanwhile, Byd directed almost 15% of the market, as younger generations increasingly chose cheaper Chinese brands over foreign-made cars.
According to an analysis from the rest of the world, Bider’s most affordable model is cheaper than Tesla in at least 10 non-Western countries.
The earnings report is only a week after Byd introduced a new lightning charging system that is able to provide enough battery in just five minutes and lasts about 250 miles.
