Elon Musk’s Tesla is one of the most trendy car manufacturers, thanks to his own popularity. While Tesla is a dominating name in the global EV market, there’s another big player in town.
Chinese auto major company BYD has become the world’s largest EV manufacturer, though by volume. The spot was previously held by Tesla, though it seems they’ll have to change their strategy to keep up with the rising competition from other companies.
Tesla had a great year in terms of sales in 2021. With gas prices surging and a widespread of climate consciousness, Tesla sold over 900,000. According to the China Passenger Car Association, about 437,000 of those Tesla cars were manufactured in China itself.
China is a huge market for Tesla, with 160,000 of Tesla cars made in China selling in the company itself. However, China holds the same concerns for getting spied by the cars in the same vein that the several countries feels about Chinese tech. While Tesla sold 564,000 vehicles in the two quarters of 2022, BYD sold 641,000 vehicles, having a 315% bump up in sales.
Warren Buffett holds a significant stake in BYD through his Berkshire Hathway company. While BYD started off as a general automobile manufacturer using combustion engines, they converted to being a fully EVs and hybrids company earlier this year.
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