When we think of electric vehicles, Tesla is often the first name that comes to mind. But when it comes to sales figures, the real leader in the industry is China-based BYD. In the first quarter of 2023, Tesla sold 422,875 EVs, while BYD sold an impressive 552,076 in the same period, surpassing Tesla's sales by a significant margin. So let's take a closer look at BYD, the world's largest automaker.
Founded in 1995 as a battery manufacturer, BYD has since diversified its offerings to include automobile manufacturing, cellphone assembly, and solar cell production. Its headquarters are in Shenzhen, Guangdong Province, and it is run by Chairman Wang Chuanfu, who holds a 23% stake in the company. Major shareholder Warren Buffett's Berkshire Hathaway holds a 9% stake. BYD is listed on both the Hong Kong and Shenzhen Stock Exchanges and has a market cap of $101.79 billion as of April 2023, making it the world's 138th most valuable company.
BYD's success in the EV industry can be attributed to its range of electric and plug-in hybrid vehicles, which includes sedans, SUVs, and buses. Its best-selling models include the BYD Tang, a mid-size SUV, and the BYD Qin Plus, a compact sedan. The company has also made significant strides in EV battery technology, including its unique Blade Battery technology that offers improved safety and energy density.
BYD's success is not limited to China, either. The company has established partnerships with several international firms, including Toyota, Daimler, and Volkswagen, and has manufacturing plants in several countries, including the United States, Brazil, and Egypt. BYD's future plans include expanding its global presence and increasing production capacity to 5 million vehicles per year by 2030, with NEVs accounting for 80% of its total sales.
BYD's impressive sales figures and technological advancements have made it the largest automaker in China and the leading EV seller in the world, surpassing even the mighty Tesla. With ambitious expansion plans and a commitment to innovation, BYD is poised to continue its growth and success in the years to come.