Warren Buffett-backed, China’s leading battery and electric vehicle (EV) manufacturer, BYD Co Ltd (OTC:BYDDY) (OTC:BYDDF), is bracing itself for tough competition in the country’s EV market over the next two to three years and is keen to work with Tesla Inc (NASDAQ:TSLA).
What Happened: BYD, a company that has witnessed significant growth and outperformed Tesla in total vehicle production in 2023, is geared up to face the escalating competition in China’s EV market, CNBC reported on Tuesday.
Yunfei Li, the General Manager of Branding and Public Relations at BYD, stated in a press conference on Monday that the competition has resulted in the lowest worldwide prices for EVs. He further implied that brands unable to keep up with the competition would falter in the coming years.
"I think this is an inevitable process, but it may take another two to three years," he said.
"In the end, many brands that aren't able to compete in the market will be eliminated."
Li expressed admiration for Tesla, acknowledging its substantial contribution to the global EV market’s expansion. He also affirmed that Tesla is a client of BYD.
"I think this market is very large. It's not that we must surpass them or they must surpass us. Instead, BYD and Tesla together, or more new energy vehicle brands together, we need to think ...