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BYD vs. TESLA: Tesla faces loss, BYD gets closer to global EV throne

In order to surpass some of its prior higher-end vehicles, the business launched two luxury EV brands, Yangwang and Fang Cheng Bao, to the 1 million yuan ($137,000) price range.
PrashantPrashant4-Oct-23 6:24 AM
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BYD vs. TESLA: Tesla faces loss, BYD gets closer to global EV throne

As

BYD

Co.'s worldwide sales drive gains momentum, it is likely to surpass Tesla Inc. as the largest seller of electric vehicles globally. 


After a plant outage caused the US automaker to see its first delivery dip in more than a year, China's top-selling manufacturer just missed unseating Tesla last quarter. 


In the three months that concluded on September 30, BYD sold 431,603 completely electric vehicles, an increase of 23% over the prior quarter. With a 3,456-car disparity between the two, Tesla shipped 435,059 cars globally in the third quarter.


Taylor Ogan, CEO of Shenzhen-based hedge fund Snow Bull Capital, which holds shares in both manufacturers predicts that BYD will sell more completely electric passenger vehicles than Tesla in the fourth quarter.


As the Hang Seng Index declined more broadly on Tuesday morning, reaching its lowest intraday level since November 2022, shares of BYD dropped as much as 3.6% in Hong Kong. Li Auto Inc. and Geely Automobile Holdings Ltd., two other Chinese EV manufacturers, also said no.


For another record quarter, BYD, located in Shenzhen, sold 822,094 vehicles in total, including hybrids, solidifying its position as the top-selling automaker in China.


BYD, known for offering inexpensive automobiles to the general public, has made strides in expanding its appeal, assisting in the rise in sales. 


In order to surpass some of its prior higher-end vehicles, the business launched two luxury EV brands, Yangwang and Fang Cheng Bao, to the 1 million yuan ($137,000) price range. To undercut its competitors, it also promoted the Seagull and Dolphin, two less expensive variants.


The business, which manufactures its own semiconductor chips and batteries, is benefiting from growing exports as it seeks a greater share of international sales to augment its dominance in China.


According to Joanne Chen, a Bloomberg Intelligence analyst, exports increased from 5% of BYD's third-quarter revenues to 9% this time around.


"This will be an important volume driver in the coming year as BYD widens its worldwide reach with more new EVs," the source stated.


The update is stated to be an important volume driver in the upcoming years as BYD plans to widen its reach worldwide with more new EVs.


European regulators, who have opened a probe into Chinese EV subsidies because they believe they harm European automakers, are looking closely at both BYD and Tesla. As it prepped its facilities to produce a redesigned Model 3

car

and the yet-to-be-released Cybertruck, Tesla's deliveries fell short of expectations by about 20,000 units. Elon Musk's business did, however, reiterate its 1.8 million vehicle sales goal for the year. BYD is still on schedule to sell about 3 million cars, including hybrids.


After missing Wall Street delivery projections, Tesla reduced the price of its base Model Y crossover sport utility vehicle with rear-wheel drive and returned it to the US market. Additionally, it made minor adjustments to its Model Y in China but left the pricing unchanged.


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