BYD became the world’s largest electric car maker this year, overtaking Tesla, primarily by producing “very high quality products at a very competitive price”
BYD saw its global production grow by a staggering 211 percent between 2021 and 2022, from just shy of 600,000 vehicles to a whopping 1.86 million. By comparison, Tesla saw growth of 40 percent to 1.31 million, while VW grew a mere 10 percent.
Holder believes that BYD can afford to invest more in research and development now it has taken such a large market share. He said: “Those profits drive the R&D investment of the future, and that can be cyclical as a result of who’s winning and who’s losing. You underestimate the likes of BYD and other Chinese carmakers at your peril.”
BYD makes five of the top ten selling EV models in China – the Song, Qin Plus, Tang, Dolphin, and Han.
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