BYD overtakes Tesla as world’s most popular EV maker
China's BYD is poised to surpass Tesla Inc as the new worldwide leader in fully electric vehicle (EV) sales, Bloomberg writes, adding that "when it does – likely in the current quarter – it will be both a symbolic turning point for the EV market and further confirmation of China’s growing clout in the global automotive industry".
BYD overtakes Tesla as world’s most popular EV maker
New Age – New Road

BYD overtakes Tesla as world’s most popular EV maker

Photo:AFP/Kazuhiro Nogi
Eurasia 30/12/2023 10:35

China's BYD is poised to surpass Tesla Inc as the new worldwide leader in fully electric vehicle (EV) sales, Bloomberg writes, adding that "when it does – likely in the current quarter – it will be both a symbolic turning point for the EV market and further confirmation of China’s growing clout in the global automotive industry".

Some 1.3 million of the 3.6 million vehicles shipped from the mainland as of October this year were electric. “The competitive landscape of the auto industry has changed,” said Bridget McCarthy, head of China operations for Shenzhen-based hedge fund Snow Bull Capital, which has invested in both BYD and Tesla, Bloomberg writes. “It’s no longer about the size and legacy of auto companies; it’s about the speed at which they can innovate and iterate.

“BYD began preparing long ago to be able to do this faster than anyone thought possible, and now the rest of the industry has to race to catch up.” The passing of the EV sales crown also reflects the shift in competitive dynamics between Tesla’s Elon Musk, the world’s richest executive, and BYD’s billionaire founder Wang Chuanfu.

BYD has obtained a conditional testing license for level 3 (L3) autonomous driving on high-speed roads. It was granted the first such license in China in July, the company said in a statement on its official Weibo account on Wednesday. Earlier in December, BMW Group said it had received a test license for L3 self-driving on high-speed roads in Shanghai.

There are different levels of automation, from levels 0 to 5, according to the Society of Automotive Engineers and most automakers, Asia Financial explains. Level 3, also known as conditional driving automation, involves automated features which allow drivers to engage in activities behind the wheel, such as watching movies or using smartphones – but under limited conditions – while their car navigates expressway traffic.


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