BYD to overtake Tesla as world’s biggest EV seller

KUALA LUMPUR: According to the World Economic Forum, China stands as the global leader in electric vehicles, contributing to 64% of total production and 59% of electric vehicle sales worldwide in 2022. BYD is one of the country’s biggest electric vehicle manufacturers that will soon become the world’s biggest electric vehicle seller, according to the reports.

That’s right! The Chinese EV maker is set to dethrone Tesla and claim the title of the number one EV seller. Warren Buffett-backed BYD nearly matched Tesla's electric car sales in the third quarter, falling behind by a mere 3,000 units. As the fourth-quarter data is about to be released in early January, industry analysts are optimistic about BYD potentially outpacing Tesla.

Tesla sells just four cars, including two sedans - Model S and Model 3 and two SUVs - Model X and Model Y. And all these carry a premium price tag ranging from $40,000 to $100,000. So, one of the important factors that offer BYD a competitive edge is its expansive and diverse electric vehicle lineup, which caters to a wide spectrum of consumer preferences. From compact and affordable EVs to high-performance and luxury electric vehicles, the comprehensive range appeals to a broad audience, allowing the company to capture different segments of the market.

The company’s several models are among the top 10 top-selling EVs in the country, including Song, Qin Plus, Dolphin, Yuan Plus, and Han models. The newly-launched BYD Seagull, priced at just CNY 73,000 (approx $10,000) received an overwhelming response from customers.

Another factor that helps BYD to become the world’s biggest EV seller is the battery and charging infrastructure. The advantages of China's dominance in electric vehicle battery supply chains and the government's focus on building charging networks have also extended to Chinese companies.

The cost of an EV is significantly influenced by the expense of batteries, accounting for approximately 30% to 50%. As per the market reports, China holds a dominant position in as much as 90% of the electric vehicle battery supply chain with CATL and BYD among the country's two largest battery producers which control over half of the market.

Closer to home, BYD offers two EVs in Malaysia - the Atto 3 SUV and the Dolphin hatchback. The Atto 3 is priced between RM 149,800 - 167,800 while the Dolphin price ranges from RM 100,530 to RM 125,530. Tesla, on the other hand, retails the Model 3 sedan between RM 189,000 and RM 218,000 and the Model Y SUV between RM 199,000 - 288,000.

Also read: BYD Seal EV to land on Malaysian shores in Q1 2024