Five Charts That Show the Rise of BYD and the Global Boom in EVs
A two-horse race at the top.
If you’re in the US, and you think about electric vehicles, the first name that comes to mind is almost certainly Tesla Inc. But over the last year or so, people are waking up to the fact that China is becoming an EV export powerhouse.
In fact, in 2022, BYD Co. sold more vehicles than Tesla did globally. It’s not a perfect comparison as Tesla is all EVs, whereas BYD sells both EVs and plug-in hybrid electrics. Nonetheless, these companies are now the two biggest players in a space that numerous automakers are chasing.