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Who is this Chinese car manufacturer, soon to dominate Tesla ?

© Mohammad Fathollahi/Unsplash

The Chinese manufacturer BYD seems to be experiencing an ascent without any limits. In 2022, it was already second among electric car manufacturers; this then took the lead in the fourth quarter of 2023. It has just announced an absolutely spectacular net profit for the year which has just taken place: 3 .8 billion euros! That’s almost double the number last year. With a turnover increasing by 42% (77 billion euros), BYD is quietly establishing its domination. Who can stop it?

Insane growth

See rates growth of this order in the automobile sector is almost a fantasy. BYD increased its sales by 68% from 2022 to 2023 by selling more than 3 million vehicles (thermal and electric) across the globe. The brand is hot on the heels of Tesla in the electric segment, since it sold 1.57 million EVs in the same year. By comparison, Tesla sold around 1.81 million.

How does BYD allow itself to display such insolent performances ? Quite simply by an extremely aggressive pricing strategy, supported by very significant economies of scale. The brand has just announced that it has stopped the production of thermal cars to concentrate on electric and plug-in hybrids.

Other notable competitive advantage: BYD has complete control over its production chain, from the manufacture of battery cells to the final vehicle. In addition to this, it sells its batteries to historic European manufacturers: Mercedes, Volkswagen or BMW. The height of irony, it also provides Tesla with some!

Limitless ambitions

Next front of conquest for BYD: l’Europe. The brand's first factory on the continent will open its doors in Hungary and it seems that Italy is strongly interested in a potential installation on its soil as well.

Deliveries of five vehicles will soon start with us: the Seal sedan, the compact and very economical Dolphin, a compact SUV, the Atto 3, another sedan, the Han and a large SUV, the Tang.

A frenzied expansion, reinforced by the introduction of sa new luxury brand Yang Wang, unveiled at the Geneva Motor Show. The manufacturer was able to present a monstrous SUV (in every sense of the word), the U8, equipped with a 1,200 hp engine. BYD is gradually imposing its style on the market, and proving that the reputation of Chinese vehicles, once considered cheap and of lower quality in our eyes, is changing.

  • The Chinese manufacturer BYD is experiencing impressive growth.
  • Its sales, turnover and its gross profit is exploding, placing it in a favorable position to catch up with Tesla in its own segment.
  • The brand is expanding into Europe and a first factory will soon open its doors.

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Teilor Stone

By Teilor Stone

Teilor Stone has been a reporter on the news desk since 2013. Before that she wrote about young adolescence and family dynamics for Styles and was the legal affairs correspondent for the Metro desk. Before joining Thesaxon , Teilor Stone worked as a staff writer at the Village Voice and a freelancer for Newsday, The Wall Street Journal, GQ and Mirabella. To get in touch, contact me through my teilor@nizhtimes.com 1-800-268-7116