This Chinese company beats Tesla to become the most popular EV maker in the world

China's BYD, known as Build Your Dreams, has become the world's most popular electric vehicle (EV) maker, selling close to 520,000 EVs in the previous quarter. This surpasses Tesla's sales of around 484,000 EVs. BYD's success can be attributed to its cheaper EV models and strong sales in China.

While Tesla still earns higher revenue and profit due to its higher priced EVs, BYD offers a wider range of competitively priced EVs, appealing to cost conscious consumers in emerging markets like India. With BYD's rise, Tesla faces intense competition and pressure to innovate and retain market share.

China's BYD, known as Build Your Dreams, has become the world's most popular electric vehicle (EV) maker, selling close to 520,000 EVs in the previous quarter. This surpasses Tesla's sales of around 484,000 EVs. BYD's success can be attributed to its cheaper EV models and strong sales in China.

While Tesla still earns higher revenue and profit due to its higher priced EVs, BYD offers a wider range of competitively priced EVs, appealing to cost conscious consumers in emerging markets like India. With BYD's rise, Tesla faces intense competition and pressure to innovate and retain market share.

Such has been the dominance — and popularity — of Tesla cars that whenever one think of an electric vehicle (EV), that’s the first brand which perhaps comes up in the conversation. Over the years, Tesla’s competition has stiffened but Elon Musk and co. have been delivering the numbers. However, it looks like a Chinese company has taken over the title of world’s most popular EV maker in the world.

According to a report by Bloomberg, China’s BYD sold close to 5.2 lakh EVs in the previous quarter to become the number 1 EV brand in the world. In comparison, Tesla sold close to 4.84 lakh EVs. BYD — Build Your Dreams — got its sales figured ramped up because of having cheaper EV models in its lineup and sold a majority of them in China.

According to the report, Tesla still earns more revenue and profit as its EVs are priced much higher than BYD’s. Also, the two Tesla cars that comprised 95% of total cars delivered were Tesla Model 3 and Tesla Model Y. BYD offers a wider range of EVs at more competitive prices compared to Tesla. This resonates with cost conscious consumers, particularly in emerging markets like India.

The Chinese carmaker has a presence now in India with a select few EV models whereas Tesla sold most of its cars in China and the US, according to the report. Having said that, India is still a nascent market for EVs and BYD is a relatively new player but it seems to be keen on establishing presence.

The global EV race seems to be just heating up as Tesla faces intense competition in the US as well as abroad. With BYD claiming the top spot, established players like Tesla face pressure to adapt and innovate to retain their market share. Explore Your Financial Landscape with Personalized Credit Insights.

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