China’s biggest electric vehicle producer BYD is betting that low prices and producing its batteries and chips will make it a global EV leader. Sales of battery EVs exceeded 7.68 million in 2022.
The Warren Buffett-backed automaker, the nation’s biggest car brand is expanding its battery EV sales to Australia, Brazil, Israel, and Thailand.
BYD (Build Your Dreams) recently entered Mexico, Spain and the UK, and CEO Wang Chuanfu has now set his eyes on Italy. Chuanfu is vying to transform his company –already the biggest EV producer in China – into a significant global player in new-energy vehicles.
BYD manufactures its batteries and its semiconductors: it’s now the world’s second-largest cell-maker. Last year BYD took a 16.1% global battery market share behind rival contemporary Amperex Technology’s 33.4 %.
BYD sold 1.86 million new-energy vehicles last year and increased its global workforce to 570 060 – about 200 000 more than the world’s number-one automaker, Toyota.