BYD competes closely with Tesla in global EV sales

BYD, a Chinese electric vehicle maker, is now competing closely with Tesla for the top position in global EV sales. This marks a significant change since Elon Musk laughed off BYD in 2011. The company has captured 40% of the plug-in hybrid market and offers a range of vehicles. BYD began as a battery producer for electronics and has since expanded into the automotive sector. In late 2023, they launched their high-end Yangwang line, starting with the U8 SUV. This unique vehicle can float for up to 30 minutes and costs around $150,000. They also released the U9 supercar last year, which features impressive speeds and stylish design. The company is known for its affordable electric vehicles, like the Seagull, priced under $10,000, which has a range of 252 miles. BYD plans to equip all its models with self-driving capabilities using a system called "God’s Eye." In 2024, BYD delivered 3.83 million passenger vehicles and expanded its market presence in Asia, Mexico, South America, Europe, and Australia. Experts believe it is only a matter of time before BYD enters the U.S. market, despite potential trade barriers. Ed Kim, an analyst, noted that American consumers are likely to embrace their vehicles.