BYD to surpass Tesla as the global leader in electric vehicle sales

ABU DHABI: China is leading the electric vehicle segment globally. In 2022, the country accounted for 64% of all electric vehicles produced globally and captured 59% of the total market share in electric vehicle sales worldwide. One of the major players in China’s electric vehicle segment is the BYD. As per the insights from the World Economic ForumBYD Co. is poised to overtake Tesla Inc. as the global leader in electric vehicle sales. 

Warren Buffett-backed BYD almost matched the sales figure of Tesla's Electric vehicles. It trailed by merely 3,000 units. The diverse EV lineup of BYD includes both luxury and affordable models, giving it an advantage over its competitors. In contrast, Tesla offers only four premium-priced models. As Q4 data is approaching, it is being estimated that BYD will outperform Tesla in global EV sales.

BYD's different electric vehicle models, including Dolphin, Yuan Plus, Song, Qin Plus, and Han have secured top-notch positions among the best-selling electric vehicles in China. The recently launched BYD Seagull is available at CNY 73,000 (approx AED 37,835) garnering the interest of significant customers. 

China is a leader when it comes to the EV battery supply chain, with BYD playing an important role, coupled with the focus of the government on expanding charging infrastructure. All of these contribute to the potential of BYD to become the leading EV seller in the world.

The cost of EVs is impacted by battery expenses, constituting 30% to 50%. Led by BYD and CATL China dominates 90% of the electric vehicle battery supply chain. 

Also read: Tesla recalls 2 million electric vehicles over autopilot issue