China’s BYD NEW Insane Masterplan Will CRUSH The Entire Electric Car Industry!
#elonmusk #ev #byd
Since its initial Roadster debut in 2008, Tesla has dominated the market for electric cars.
With 23% of the EV market at the end of 2020, Elon Musk’s California-based company recently made history by becoming the first automaker to reach a $1 trillion market valuation. Competitors, on the other hand, want to speed up their own EV initiatives in an effort to dethrone Musk’s business as the leading producer.
BYD, which is backed by Warren Buffett’s Berkshire Hathaway, is also a battery manufacturer that has grown into a significant electric car brand in China, with some of its models competing with Tesla in popularity. BYD has so far surpassed most competitors in the market for new energy vehicles, such as hybrid and battery-powered automobiles, and has risen to the third spot among Chinese manufacturers in terms of passenger car sales.
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With 20 people and a $300,000 start-up investment, BYD, which stands for “Build Your Dreams,” was established in 1995 as a producer of cell phone batteries. In less than 5 years, it has become the largest producer of rechargeable batteries for mobile phones , supplying Nokia and other significant mobile phone manufacturers.
BYD used its expertise in batteries to build hybrid and all-electric vehicles after purchasing a failing automaker in 2005. Being the largest manufacturer of rechargeable batteries in the world3, BYD has been able to make EVs that are more cost-effective and can go farther than most of its rival EV producers. This is possible because of the company’s vertical integration.
The Chinese manufacturer is able to take advantage of its in-house battery technology, which enables far lower production costs than rivals. As Chinese electric cars are poised to potentially dominate the worldwide sector, the manufacturer is focusing on other international markets.
BYD’s battery technology uses less expensive materials than the industry norms of cobalt and nickel and instead constructs its batteries using much more plentiful materials like iron and lithium. The “blade” design of the trademark batteries, along with the materials used to make them, enable them to store 50% more energy than batteries of a comparable size.
BYD also sold 113,768 new energy passenger cars in May of this year, as evidenced by the data, despite Covid lockdowns that negatively impacted supply chains and customer sentiment in China.
According to data from the organization, the company produced two of the top three best-selling new energy vehicles in China last month, whether they were SUVs or smaller passenger cars. No room was left for Tesla, Nio, or Xpeng.
Following FAW-Volkswagen, which sold 150,009 vehicles, BYD is now in second place in China’s entire passenger car market as a result of those sales. The joint venture between the German automaker and the Chinese government known as FAW-Volkswagen sells cars under the Volkswagen and Audi brands.
In contrast to FAW-Volkswagen, whose sales decreased 10.6% from May of previous year, BYD’s sales increased by 159.5% year over year. With 73,315 sales, Geely fell 14.5 percent to place third in terms of passenger cars.
BYD’s sales of passenger cars placed it in 13th place last year. The top three manufacturers were SAIC GM, SAIC VW, and FAW-Volkswagen.
Tesla however missed the top three slots in the U.S. market for passenger cars. According to Sino Auto Insights, Toyota leads the industry in terms of sales, followed by Ford and the Chevrolet brand of General Motors.
As per the data, FAW-Volkswagen had the most sales for the first five months of the year, followed by BYD and Changan Automobile. BYD came out on top among new energy vehicles, followed by SAIC Motor and the joint venture between General Motors and Wuling Motors. Third-placed was Tesla China.
The fact that BYD no longer manufactures passenger cars with internal combustion engines as their exclusive source of power makes their sales statistics all the more significant. That indicates that all of the cars it sold in May were either plug-in hybrids or entirely electric.
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