Chinese EV maker BYD ramped up production in the first half of this year.
👉 Background: BYD (which stands for Build Your Dreams) was founded back in 1995 in China. This crew manufactures a bunch of different vehicles, including electric vehicles (EVs), and they caught Warren Buffett's attention in 2011.
👉 What happened: Ol' E. Musky found Buffett's investment amusing at the time... But he might not be laughing now. BYD massively ramped up production in the first half of this year to produce 641,000 cars - almost 100,000 more than Tesla. However, almost half of BYD's sales were hybrids, while Tesla's sales were all electric.
👉 What else: BYD’s growth is a sign we may have underestimated the growing strength of China in the EV sector.
💡The race for EV domination is on, and it looks like China is getting ahead. According to the International Energy Agency, most of the growth in the EV sector lately can be attributed to China.
💡More EVs were sold in China in 2021 than the rest of the whole wide world in 2020. While BYD is playing on home turf for now, it’s believed they’ll also making a big play to go international soon.
💡Their idea is to make EVs that are made for the mass market… As opposed to Tesla and others, which are kinda premium products.
Updated Friday 8th July.
Sign up for Flux and join 100,000 members of the Flux family
