BYD is famously backed by Warren Buffett’s Berkshire Hathaway.
They sold 641,000 vehicles in the first half of the year.
BYD, the Shenzhen-based based automaker, is growing at a rather impressive rate. They delivered 641,000 new EVs in the first half of 2022, which represents a greater than 300% increase over the previous year. These results have pushed the automaker ahead of Tesla as the biggest EV car company in the world.
Tesla meanwhile sold 564,000 units in the same period. This figure is mostly due to supply chain and sales disruption due to China’s imposed two-month lockdown to curb a wave of Omicron coronavirus cases.
BYD’s performance and growth aren’t limited to EVs. According to Nikkei Asia, the Chinese giant surpassed South Korea’s LG last April to become the world’s second-biggest producer of EV batteries, behind only China’s Contemporary Amperex Technology (CATL).
China is set to become the world’s largest producer of EVs, on top of being the largest car market. As far as BYD is concerned, it is expected that they will soon challenge automakers on their home turf, specifically in the US. Tu Le, managing director of advisory group Sino Auto Insights, said: “They’re going to make some really aggressive moves to go international,”