BYD surpassed Tesla as the world’s largest electric car company in the final quarter of 2023, selling a record number of cars, including 525,409 battery electric vehicles (BEVs).
China’s rapid growth in the electric vehicle (EV) industry is supported by government initiatives, with a target for at least 20% of new cars sold annually to be new energy vehicles (NEVs) by 2025.
China’s leading role in the industry is attributed to its market scale, cheap labor, and supply chain dominance. (Trending: Donald Trump Breaks His Silence After Major Court Win)
“China is now leading in production and increasing its comparative edges, banking on its massive domestic market and the first mover advantage,” Natixis Asia analysts wrote.
However, intensifying competition and a price war have impacted the profit margins of many car makers.
To offset the slowing domestic market, Chinese car makers are expanding internationally, with BYD aiming to double its number of dealer partners in Europe and targeting overseas sales of 250,000.
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