In the race to EV supremacy, a new champion has emerged from China. BYD, backed by none other than Warren Buffett's Berkshire Hathaway with a 20% stake, is leaving tire tracks in the global EV market. In 2022, BYD beat out Tesla by selling 1.85 million EVs, and with its stellar performance in the first half of 2023, BYD sold 641,000 EVs, overtaking Tesla's 564,000 sales.
BYD's record performance is even more impressive, when one realizes that it hasn't even entered the American market, once considered the world's most important and largest automotive market. BYD does have manufacturing plants in the USA for buses, but not for passenger electric vehicles. Time will tell whether BYD will choose to compete directly in the US market and go head-to-head on Tesla's home turf.
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