The silent accelerator
Just like the cars it makes, Chinese manufacturer BYD has quietly accelerated in the last 6 months, coming just 3,000 deliveries short of becoming the world’s leading seller of all-electric vehicles.
In it most recent quarter, BYD delivered 432k all-electric vehicles, putting the company within 1% of Tesla’s 435k, after the American manufacturer’s planned factory downtime contributed to a 7% decline in deliveries.
In the first 3 months of 2021, BYD sold less than 39,000 all-electric cars. One year later, BYD shipped 143,000 — more than the entire VW Group, despite the automotive giant owning 10 major brands and committing to spend a hard-to-get-your-head-around $193 billion over the next 5 years in its push for electrification.
Throughout the rest of the year, BYD charged ahead, leaving just one brand left in the company’s sights. And, with a push into international exports, BYD looks very likely to leave Tesla in the rear view mirror soon.
However, even if Tesla’s reign at the top of the delivery charts ends, the company doesn’t look likely to relinquish its title of “most valuable auto manufacturer” any time soon: Tesla's $825bn market cap is still 9x that of BYD, equivalent to the next 10 largest automakers combined.
