Warren Buffet-backed BYD recently became the world’s top EV maker, and has ambitious plans to win over foreign markets with its cost-competitive cars.
may be at the forefront of the electric vehicle revolution, but abroad, the carmaker has some serious competition. In China, the world's largest EV market, Tesla has been losing ground to domestic automakers who are increasingly building better cars at unbeatable prices, and chief among them is Warren Buffet-backed"BYD has grown into this powerhouse in the new energy vehicle industry," CNBC's Beijing correspondent Evelyn Cheng said.
Founded by Wang Chuanfu, BYD started making batteries for mobile phones back in the 1990s. By 2003, the company had pivoted to autos and has since become the top car brand in China, as well as a major producer of EV batteries. "They are one of the top companies in the world building lithium-iron phosphate batteries," Sam Abuelsamid, principal analyst at Guidehouse Insights, told CNBC. He also explained the advantages over lithium-ion batteries, saying they are long-lasting and "cost about 30-40% less per kilowatt hour to manufacture."
Part of BYD's mass appeal is price. Many of its cars undercut the competition, with several models starting under $20,000. "In Munich just a few months ago, they launch the Seagull, priced at $11,500," Michael Dunne, CEO of Dunne Insights, told CNBC. "You have to double that price and then some to get an entry-level vehicle here in the United States and in Europe. So very competitive in the segment of $35,000 and under.""They're definitely preparing for the U.S. market, waiting for the right timing," Dunne said. "U.S. and Europe promise a profitable market for them.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Tesla & BYD Cut Prices Further in China!Clean Tech News & Views: EVs, Solar Energy, Batteries
Read more »
Tesla rival BYD launches electric supercar that could take on Ferrari — for $233,000Chinese automaker BYD is set to bring an electric supercar that can hit speeds similar to high-end models by industry giants like Ferrari.
Read more »
Elizabeth Warren calls on SEC to investigate Tesla, Elon Musk over governance issues once againThe senator cites in her letter the “possible misappropriation of Tesla resources and conflicts of interest arising from Mr. Musk’s dual role at…
Read more »
Elizabeth Warren urges SEC to investigate Tesla and Elon MuskSen. Elizabeth Warren, D-Mass., has once again asked the U.S. Securities and Exchange Commission to investigate Tesla, its CEO Elon Musk and the company's board of directors over governance issues.
Read more »
Senator Warren urges SEC to investigate Tesla over board independenceSenator Elizabeth Warren, D-Mass., sent a letter to the SEC urging the financial regulator to investigate Tesla CEO Elon Musk and conflicts of interest with Tesla's board of directors.
Read more »
Tesla: It's Okay to Double-Park At Supercharger Stalls In A Non-TeslaFord owners will soon have access to Tesla's Superchargers, but due to the location of Ford's charge ports, Tesla recommends that owners double park to charge.
Read more »