Nestled in the Far East lies one of the world’s most powerful carmakers: BYD, a Chinese automobile giant, who has just outpaced its archrival, Tesla, as the carmaker extraordinaire. For years, they have been competing against each other in the auto market, but now the tides are turning in BYD’s favor, and the company has just recently reached an unprecedented level of success. This article will explore how this was achieved, what it means for the industry, and how Tesla can compete to regain its place at the top.
1. BYD Racing Ahead of Tesla
In the race to dominate the electric vehicle market, it appears that BYD is making a major move. BYD, a Chinese electric car brand, has been ramping up production and sales in recent years, and is catching up to market leader Tesla.
Since Tesla began dominating the electric car market, other brands have been hard-pressed to keep up. But BYD has been making leaps and bounds in the right direction. The company has accomplished this by focusing on building quality vehicles that are competitively priced. It’s quickly making a name for itself with its range of hybrid and electric offerings – from sedans to SUVs.
- Competitive Prices: BYD is focused on offering competitively priced vehicles.
- Quality: The company puts emphasis on the quality of their vehicles.
- Range: BYD’s range includes sedans, SUVs, and other hybrids and electric offerings.
2. China’s Automotive Revolution
The Great Leap Forward
In recent years, China has seen a monumental leap forward in the automotive industry. With automobile production becoming increasingly sophisticated and modern, China is now the world’s largest car producer.
Joint ventures between Chinese and overseas partners have led to continued growth in the sector. Companies such as Volkswagen, General Motors and other automakers have invested heavily in production facilities for Chinese car models. As a result, Chinese cars are now becoming increasingly popular and are competing in both global and domestic markets.
The Chinese government is actively supporting the automotive industry through economic policies, such as tax incentives, grants, and low-interest loans. Additionally, they are promoting the use of electric vehicles through subsidies, an infrastructure investment plan and the creation of a nationwide “EV charging network”. Finally, the introduction of tougher environmental and safety standards is encouraging innovation and the development of more efficient and reliable vehicles.
In short, China is leading the revolution in the global automotive industry. The country’s expanding capabilities mean that it is now capable of producing cars of all types, from mid-range, entry-level models to luxury and performance vehicles. With technological advances being made daily, there is no telling what new and innovative products the Chinese automotive sector will release next.
3. BYD Inches Closer to Automotive Supremacy
BYD, which stands for Build Your Dreams, is continuing to gradually become an undisputed giant in the automotive industry. This Chinese carmaker has made impressive technological advancements that put them in a prime position to reign supreme.
There are several developments within the company that make it very close to automotive supremacy. To name a few:
- Extensive vehicle line: BYD has a number of vehicles in their portfolio consisting of electric, hybrid and conventional cars, making them a “one-stop-shop” for all types of vehicle needs.
- Powerful batteries: BYD is the leader in safe, powerful and lightweight lithium-ion phosphate (LFP) batteries, which provide reliable power for its vehicles.
- Increased production capacity: The company has made powerful investments in its manufacturing plants, allowing it to significantly increase production capacity.
All of these actions illustrate why BYD is on track to become an automotive powerhouse in 2020.
4. The Rise of Electric-Powered Mobility in China
Past years have seen an ever-increasing trend in electric-powered transportation in China. From the explosion of electric scooters to the strong rise of electric cars, the Middle Kingdom is moving quickly towards the goal of a greener future for its people.
Notably, the Chinese electric scooter fleet has grown at a remarkable rate in recent years; there are now estimated to be over 200 million scooters sold in the country. As such, they have become a visible part of China’s landscape, with some cities creating dedicated scooter lanes. In addition to electric scooters, the Chinese electric car fleet is growing rapidly. Though the vast majority of cars in China are still combustion-powered, incentives such as tax exemptions have helped to boost electric car sales. As of 2018, there were over 100,000 electric cars on the roads of China.
- The Chinese electric scooter fleet has grown exponentially.
- Some cities create dedicated scooter lanes.
- Over 100,000 electric cars were sold in 2018.
BYD is definitively the company to watch over the next few years, as the Chinese carmaker is pushing the limits of the automotive industry. With their innovative strategies, stellar performance, and continued success, BYD shows no signs of slowing down. It is no surprise that it is quickly overtaking Tesla as the carmaker extraordinaire. The future of automotive production looks bright, and it is clear China’s BYD will be at the forefront of the industry.