Backed by Warren Buffett, China’s BYD Co Ltd (OTC:BYDDF) is on track to surpass Tesla Inc. (NASDAQ:TSLA) in quarterly electric vehicle sales, marking a significant shift in the EV market.
According to a report by Barron’s, BYD’s October sales figures revealed an impressive growth in its electric vehicle (EV) sales. The Chinese automaker sold 301,095 passenger vehicles, including 165,505 battery-electric vehicles (BEVs) and 135,590 plug-in hybrids. The BEV sales grew by 60% year over year.
BYD’s rapid growth has brought it neck-and-neck with Tesla in terms of all-battery electric vehicles. In Q3, BYD shipped approximately 432,000 BEVs, just shy of Tesla's 435,000 units.
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While Tesla vehicles cater to a different market segment and are sold at a higher price point, BYD’s success underscores the demand for lower-priced ...