BYD a Chinese electric vehicle (EV) company that has overtaken Tesla in global sale in the year 2023 was founded in 1995 by Wang Chuanfu, a former engineer and metallurgist. BYD which stands for ‘Build Your Dream’ started as a battery manufacturer for smartphones and laptops, and later acquired a state-owned car company in 2002.
It used its expertise in batteries to develop EVs that are cheaper and more efficient than its competitors. The company is backed by Warren Buffett, the billionaire investor who bought a 10% stake in the company in 2008. He praised BYD as the leader in the global EV market. BYD sold 1.79 million EVs in 2023, beating Tesla’s 1.62 million and becoming the world’s top EV producer.
It also overtook Tesla in quarterly production, delivering 462,000 EVs in the fourth quarter of 2023, compared to Tesla’s 412,000. BYD has a diversified product line, offering sedans, SUVs, buses, trucks, and even monorails. It also sells its batteries to other carmakers, such as Toyota and Ford. BYD is benefiting from the Chinese government’s support for the EV industry, which includes subsidies, tax breaks, and infrastructure development. China is the world’s largest EV market, accounting for 44% of global sales in 2023.
The EV company is also expanding its presence in overseas markets, such as Europe, Latin America, and Africa. It has set up factories and research centers in countries like Hungary, France, and Morocco. The company reportedly handed out cash rewards to their local car dealers after a successful year of meeting their sales target in 2023.
The Chinese EV maker is reportedly giving out 666 Yuan ($93) for every car they sold.
