Tesla’s Biggest Threat? The Rise of BYD in the EV Industry

Warren Buffett-backed BYD dethroned Tesla in the fourth quarter of 2023 as the world’s top EV maker, selling more battery-powered vehicles than its U.S. rival. Founded by Wang Chuanfu, BYD started by making batteries for mobile phones in the 1990s. By 2003, it pivoted to autos and has now become the top car brand in China and a major producer of batteries for electric vehicles. Aggressively expanding globally, BYD exported over 240,000 cars to 70 countries last year. In Tesla’s Q4 earnings call, Elon Musk remarked that Chinese automakers will “demolish most other car companies in the world“ unless regulators step in. With its sights set on North America, BYD could try entering the U.S., but faces government opposition. Apex Chronicles explores whether BYD can sustain its relentless growth and what’s next for this EV juggernaut. #electricvehicle #economy #money #apexchronicles #cnbc