"BYD Surpasses Tesla as Global EV Leader, Shocks Industry with Competitive Pricing"
Originally Published 2 years ago — by Fortune
Chinese electric vehicle maker BYD, backed by Warren Buffett's Berkshire Hathaway, has surpassed Tesla in global EV sales, largely due to its competitive pricing strategy. BYD's ability to maintain low costs is attributed to its control over the entire supply chain for its EV batteries. With a significant price advantage, BYD's vehicles, such as the $11,000 Seagull in China and the $33,000 Dolphin in Britain, are poised to disrupt global markets. The company is considering a manufacturing plant in Mexico to potentially circumvent U.S. tariffs and gain access to the American market, where the average new car price is around $48,000. BYD's success is also credited to CEO Wang Chuanfu's cost-cutting and production efficiency, earning high praise from industry observers.