2024-01-02 14:31:59
Elon Musk’s Tesla Faces Stiff Competition from Chinese Electric Car Manufacturer BYD
In 2003, Elon Musk, the world’s number 1 billionaire from America, started a battery car company, Tesla. Although the majority of production is in the US, the company is manufacturing cars in China and Germany to meet the growing customer demand. It produced 4,30,488 electric cars in the third quarter of 2023 alone. Tesla expects $81,462 billion in 2022 revenue from car sales.
However, in this case, BYD, another leading electronic car manufacturer from Shenzhen, China, is set to take the first place globally. BYD has produced 5,26,000 cars in the last 3 months of 2023 and more than 3 million cars in the full year 2023 since it was founded by Wang Chuanfu in 1995.
Initially involved in the manufacture of batteries for various electronic devices, including smartphones and laptops, BYD later ventured into car manufacturing. As a company with extensive experience in the battery manufacturing industry, BYD is able to produce cars that are less expensive as they reduce costs significantly by making their own battery-powered cars.
The main component of an electric car or two-wheeler is the battery that powers it. The company’s background in battery manufacturing helps lower the cost and increase speed of production of their cars, creating stiff competition for Tesla.
Economists are watching how Tesla, which has held the number one spot in battery car manufacturing for years, will deal with the competition from BYD and the potential shift in global rankings of electric car manufacturers.
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