In the global automobile market, the Chinese car manufacturer BYD has made a name for itself by manufacturing electric cars that have helped it dominate the industry. BYD has surpassed big names like Tesla and Volkswagen, and is currently leading in the electric car market share.
BYD’s electric cars have not only sold well domestically in China but also globally, with the company holding a market share of 19.7%.
This is no mean feat, considering Tesla’s global sales only account for 12.6% of the market share. In China, BYD has 29.7% of the electric car market share, with six of the top ten electric car models sold in the country being BYD’s.
BYD’s CEO, Wang Chuanfu, is considered to be one of the pioneers in electric car manufacturing in China. His journey to the top has been inspiring, as he started out as a poor farmer’s son before establishing BYD.
Also Read: Tesla’s Model Y AWD: The Most Efficient Electric SUV in the US
The company began manufacturing electric batteries, hoping to become the biggest manufacturer in the market. However, BYD later diversified into manufacturing mobile phone handsets and cars. In 2007, BYD debuted on the Hong Kong Stock Exchange, and in 2008, Warren Buffett invested $230 million in BYD.
BYD’s success is attributed to its ability to increase manufacturing capacity and create an integrated and secure supply chain. As a result, it has been able to double its annual car capacity to 3 million units in 2022. Furthermore, it has not been significantly affected by the semiconductor crisis that has hit other electric and conventional car manufacturers.