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In January 2003, BYD Auto was founded by BYD owner Wang Chuanfu, following the acquisition of Xi’an Qinchuan Automobile by BYD. BYD’s first automobile, the BYD F3, entered production in 2005. BYD produced the first plug-in hybrid electric vehicle, the BYD F3DM, in 2008, followed by the production of its first battery electric vehicle, the BYD e6, in 2009. In March 2022, BYD will cease production of purely internal combustion engines to focus on new energy vehicles. As well as the main BYD brand, the company also sells high-end vehicles under the Denza, Yangwang, and Fangchengbao brands. The company has been expanding sales of passenger cars into overseas markets in Europe, Southeast Asia, Oceania, and Latin America since 2021.
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The Tesla Motors Corporation is one of the world’s most valuable companies and, as of 2023, is the most valuable automaker in the world. A share of 18% of the battery electric vehicle market was held by the company in 2022. Tesla Motors was formed in July 2003 by Martin Eberhard and Marc Tarpenning. In honor of Nikola Tesla, the company was named after him. Upon investing $6.5 million in February 2004, Elon Musk became the company’s largest shareholder. In 2008, he was appointed as CEO. In its mission statement, Tesla stated that its goal is to create products that will contribute to “accelerating the transition to renewable energy around the world.”
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Thus, BYD finally overtook Tesla in the last year, which means in 2023, Tesla delivered 484,507 vehicles with an increase of 11 compared to the previous quarter. However, this is not enough for the BYD Surge, as 526,409 Chinese EVs were delivered during the same period.
For the first time in a quarter, Byd has delivered more units than Tesla, and it also manufactures more EVs than Tesla. During 2023, Tesla delivered 18 lakh electric vehicles. With 16 lakh electric vehicles delivered in 2023, Byd is only marginally behind. Moreover, it delivered a hybrid model that cost 4 lakhs in addition. In contrast to BYD, Tesla does not manufacture hybrid vehicles, however, the surge of the Chinese brand is nothing short of remarkable.
A conducive government policy in China, robust demand here, and expansion into European markets have all contributed to the success of BYD. Compared to 2011, when Musk was asked about BYD, the Chinese company has come a long way. You have seen their car, he replied with a laugh. There is a consensus among most experts that BYD will overtake Tesla in terms of both production and deliveries in 2024.
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