It looks like China is about to become the world’s biggest supplier of EVs
News that Chinese carmaker BYD Auto Co. has outsold Tesla in the last quarter of 2023 is confirmation that the US company is no longer alone in the EV market, where competition is absolutely critical going forward.
In reality, BYD’s overall 2023 figures are still below Tesla’s sales in the category that really matters, full EVs, but its evolution from battery manufacturer has put it in an interesting position. What’s more, BYD is far from China’s only successful EV maker at a time when the traditional European, American and Japanese automotive industry is dramatically losing ground. The response in the EU, the United States and Japan has been to impose tariffs to protect their markets, revealing just how scared they are.
Everything indicates that the vast majority of automotive industry analysts were wrong when they predicted that traditional brands would wipe the floor with Tesla when they started making EVs; instead they have shown themselves unable to adapt, allowing companies with no roots in the motor industry like BYD, Xiaomi and many others, and not just from China, but also from other countries in the Southeast Asia region. The industry has changed, and it shows.
The arrival of more and cheaper EVs is certainly very good news. The electrification of…
