In 2007, Chinese company BYD stood as a laughingstock at the Guangzhou auto show – its poor fit of doors and uneven purple paint job widely ridiculed in the industry. That’s a thing of the past.
The company overtook Tesla in global sales of fully electric cars in 2021. Another accomplishment, surpassing Volkswagen Group in Chinese car market, and is now targeting Europe.
In 2020, BYD drastically improved its lineup by replacing batteries with cheaper alternatives like iron and phosphate. Tesla’s entry into the China market and the rise of electric car enthusiasm were met with BYD’s new affordable battery technologies and redesigned models.
BYD managed to save production costs through self-manufacturing, a limited electronic system, and lower labor expenses in Shenzhen’s walled town. With these cost-effective methods, the company’s sales have risen by a million cars annually in the last two years.
BYD’s domination in the electric car market and continuous technology development are poses threat to Tesla and other competitors. Meanwhile, BYD’s plug-in hybrid cars, accounting for nearly 50% of their sales, offer a unique China-relevant advantage.
