Many have never even heard of her. But BYD is now the world's leading manufacturer of electric cars and has just overtaken Tesla. And, the Chinese even joke about this because in their advertising they directly talk about being “The greatest car brand you've never heard of”.
There has been talk everywhere about overtaking Tesla, but how did it happen? Let's start from the fact that the brand was already the best-selling car brand in Italy. And given that in this case the “homeland” is the boundless China, this is certainly not of secondary importance.
Vertical integration was then fundamental to BYD's success: instead of relying on other companies for components, BYD managed to partly crack the code of low-cost electric vehicle production by producing the majority of its own in-house. components. The company is now able to offer a wide range of affordable electric vehicles at low prices, maximizing sales and expanding its presence in new markets.
In fact, after leapfrogging the United States, South Korea and Germany, China has now just overtaken Japan for global leadership in passenger car exports. And about 1.3 million of the 3.6 million vehicles shipped from the mainland in October were electric. In short, we cannot underestimate the fact that in a sector still dominated by big names like Toyota, Volkswagen and General Motors, companies like BYD are starting to make inroads very quickly thanks to their specialization in electric cars.
Finally, to tell the truth, the help of the Chinese government and even Warren Buffett, whose Berkshire Hathaway was a key investor in the rise of the brand, played a significant role in BYD's success. But we are only at the beginning: BYD is building factories in Europe, Latin America and throughout Asia, precisely to expand sales in these continents. So his cars and buses are popping up like mushrooms in cities all over the world, including the United States. A strategy in line with the name of the brand itself given that Bud stands for Build Your Dreams.
#BYD #beat #Tesla #FormulaPassion.it
