You’ve heard of the big names in electric vehicles (EVs) such as Tesla, Lucid and Rivian. Those companies want to change the way we get from point A to B. However, there is another company that Tesla is not far from replacing the top dog. Enter BYD, China’s premier EV maker and best-selling brand.
What is BYD?
BYD is a major automaker based in Guangdong, China. The EV maker is China’s largest manufacturer of electric vehicles and plug-in hybrid electric vehicles (PHEV). In addition, the EV maker sold two of three of the best-performing ‘new energy’ vehicles in China in May, beating close rival NIO.
Is BYD available in the US?
BYD vehicles are not for sale in the United States. At least not yet. Instead, the Chinese company sells the vast majority of its cars domestically, which is the largest car market in the world, according to CNBC. But just because it doesn’t currently sell EVs and PHEVs in the United States, doesn’t mean it won’t in the future.
The major EV maker recently claimed it would start producing battery technology for Tesla. That announcement follows Elon Musk’s 2021 comments that Tesla’s cars are not a problem and that he “doesn’t think they have a very good product.”
Will BYD replace Tesla as the top-selling brand and EV maker?
BYD sold more than Tesla in the first half of 2022, selling 641,350 to Tesla’s 564,743. According to Fortune.com, that number doesn’t reflect all-electric vehicles like Tesla’s lineup. Instead, the sales figure reflects the combined sales by the Chinese automaker of “new energy” vehicles such as PHEVs and EVs. So, while BYD outperformed Tesla in combined car sales, it didn’t sell Tesla in terms of battery electric vehicles (BEVs).
Does Warren Buffett Still Own BYD?
Warren Buffett’s multinational holding company, Berkshire-Hathaway (BRKA), partly owns the Chinese company BYD. Berkshire-Hathaway has interests that range from insurance companies like Geico to technology companies like Apple.
It’s not all upward trajectories for the EV maker, though. According to CNNShares of the brand fell 11% in the United States on Tuesday, July 12, after business intelligence suggested that Warren Buffett’s Berkshire-Hathaway sold its 225 million shares in the manufacturer. That could spell disaster for BYD in the short term.
Which other Chinese EV makers are top selling brands?
Besides BYD, NIO is a major electric vehicle manufacturer in China. NIO makes everything from sensible economy cars to the fire-breathing EP9 hypercar. Still, NIO does not meet the production volume of Tesla and other automakers. Also according to CNBCXpeng Inc is also heavily invested in manufacturing and selling smart EVs.
While Tesla took a hit from Covid-related issues and supply chain silliness, the major EV maker doesn’t have to look over its shoulder in the US market just yet, not for BYD anyway. Volkswagen, whose Chinese partnership already surpasses Chinese EV manufacturers, is likely to overtake Tesla in the United States by 2024.
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