Tesla is no longer the biggest electric carmaker – level 3

17-01-2024 07:00

China’s BYD has become the world’s largest seller of electric vehicles, surpassing Tesla.

Despite being relatively unknown, BYD’s strategic planning and support from the Chinese government played a crucial role. The Chinese government’s substantial subsidies, tax exemptions, and a carrot-and-stick approach propelled BYD’s rise. The company’s focus on cheaper electric vehicles and vertical integration, making 75% of its parts in-house, contributes to its success.

BYD’s founder, Wang Chuanfu, with a background in chemistry, prioritizes cost-effective battery technology. The company’s global expansion aims to make BYD a major player in the electric vehicle market worldwide, challenging regulatory uncertainties and building brand awareness.

Difficult words: carrot-and-stick (a combination of reward and punishment used as motivation), propel (to move forward), vertical integration (a strategy where a company controls multiple stages of the production process).

You can watch the video news lower on this page.

What factors have contributed to BYD surpassing Tesla as the world's largest seller of electric vehicles, and what does this mean for the global electric vehicle market?


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