Here’s what you need to know about BYD, the Chinese EV giant that just overtook Tesla
CNN
BYD overtook Tesla as the world’s top seller of electric vehicles (EV) at the end of last year, crowning an extraordinary rise for the Chinese carmaker.
BYD overtook Tesla as the world’s top seller of electric vehicles (EV) at the end of last year, crowning an extraordinary rise for the Chinese carmaker. It delivered more fully electric cars than Tesla for the first time in the three-month period to December 31, and slashed the sales lead held by Elon Musk’s company over the year as a whole. So how did a little-known Chinese battery maker grow so quickly to become Tesla’s biggest rival? Based in the Chinese megacity of Shenzhen, BYD was founded in 1995 by Wang Chuanfu, a low-key former academic who still runs the company. Wang says the letters BYD don’t stand for anything in particular. He said he chose a “rather strange” name to set it apart from other startups. It is China’s top EV producer and exports electric taxis, buses and other vehicles to the rest of the world, including Europe, South America, Southeast Asia and the Middle East. Unlike Tesla (TSLA), it also makes plug-in hybrids. Israel and Thailand currently count as BYD’s major overseas markets, where the Chinese company ranks number one in EV sales.
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