China’s electric vehicle market is poised for a major leap forward, with Warren Buffett-backed BYD Co Ltd (OTC:BYDDF) (OTC:BYDDY) — which beat Tesla to become the world’s largest seller of battery electric vehicles last year — predicting a major shift in the new energy vehicle (NEV) landscape this year.
This bullish outlook set the stage for the China EV 100 Forum in Beijing, where key players outlined their ambitions and strategies for navigating the rapidly evolving landscape.
BYD Foresees NEV Market Tipping Point
“The penetration rate of NEVs crossed 48.2 percent last week, and if it continues at this rate, I estimate that the penetration could cross 50 percent in the next three months,” BYD chairman and president Wang Chuanfu said in his speech at the event, as reported by CnEVPost.
This aggressive forecast comes just a month after Wang projected the milestone would be reached sometime this year. China categorizes NEVs as battery electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs), and ...