After three years as the world’s most popular maker of battery-powered cars, Tesla was this week forced to hand back that crown to one of the industry’s least known yet most feared brands: China’s BYD.
Half-year sales figures published on Tuesday showed that BYD — short for “build your dreams” — delivered 641,000 cars in six months, 300 percent higher than the year before and ahead of Tesla’s 564,000.
In doing so, it managed to overtake Tesla before Volkswagen, Ford or General Motors, each of which had made this a public goal.
“BYD has very good prospects,” said a senior executive at a German car manufacturer.
“They are looking increasingly like the Toyota of China’s electric vehicle industry,” said Michael Dunne, a former GM executive, and China industry expert.
High levels of vertical integration — it has its own battery and energy storage divisions and a computer chip unit — a background in battery making and a good deal of patience have all made the group a formidable up-and-coming competitor in the global car industry.
BYD is a world leader in producing low-cost electric vehicle batteries