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BYD, a Chinese automobile manufacturer, has surpassed Tesla, which is owned by Elon Musk, to become the number one seller of electric vehicles in the world.
Warren Buffett, the renowned American investor, has been a staunch supporter of BYD since 2008. It appears that the company will produce more cars than Tesla for the second year in a row.
BYD, Build Your Dreams, reported that 3.02m of its new energy vehicles were produced in 2023, surpassing Tesla’s 1.84m cars that were revealed on Tuesday.
BYD’s overall sales include 1.6 million battery-only vehicles and 1.4 million hybrids, putting Tesla in the lead when it comes to the production of just battery-powered autos.
In the final three months of 2019, BYD surpassed Tesla in purely electric vehicle sales; they sold 526,000 as opposed to Tesla’s 484,000.
BYD’s products are generally priced lower than Tesla, which obtains a fifth of its sales from China.
BYD and Nio, two Chinese electric car manufacturers, have been aiming to become major players in the international market, primarily Europe.
In December, Chinese auto maker BYD announced they would be constructing a new facility in Hungary. This is in conjunction with their current five models available for sale in Europe and the further three models they plan to launch this year.
In 2021, the firm stated that it would not be constructing its earliest European vehicle plant in Britain due to Brexit’s effects.
By 2030, the highest-selling electric car producer in China is striving to sell approximately 800,000 vehicles a year in Europe.
BYD declared that the United Kingdom was not among the top 10 possible sites for its first European car factory, as per a recent report in The Guardian.
Wang Chuanfu, a former professor from university, established the Hong Kong-listed BYD in 1995 and plans to become a major player in the international electric vehicle industry.
The development of technology in our modern world has been exponential, greatly surpassing our expectations. There has been a significant rise in the advancement of tech, far beyond what was predicted at the beginning of the 21st century. The speed of progress has been extraordinary, with more and more capabilities being added to the world of technology every day.