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Tesla has a big competitor. And it is Chinese

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The Shenzhen-based firm has become the world’s leading manufacturer of electric vehicles (EVs), having surpassed American giant Tesla in global sales in the last quarter of 2023. Here’s how they compare.

In 1995, metallurgy graduate Wang Chuanfu founded BYD, a small Chinese company focused on producing rechargeable nickel-cadmium batteries more cheaply than Japanese competitors. Nearly 30 years later, the Shenzhen-based firm has become the world’s leading manufacturer of electric vehicles , even surpassing American giant Tesla in global sales of pure-play electric cars in the last quarter of 2023.

That drop was big enough for Tesla, which sold 386,810 BEVs in the same period, to retake its former position despite posting plunging sales. Slashing prices BYD’s competitive pricing has helped propel its rise to the top of EV charts, especially compared to Tesla’s pricier cars. But for both, competition in the world’s largest car market is heating up.

 

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