BYD Growth Shows China Is EV Capital Of The World

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BYD, the China EV giant, posted revenue of $28.2 billion in the most recently reported quarter, up 24%. For the period, it sold 1.15 million EVs and plug-in hybrids.

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BYD’s figures add to a long list of tremendous numbers from China’s other EV leaders, including Nio. Li, Geely, Huawei, and Chery. Xiaomi, a consumer electric company, just entered the EV business and sold 20,000 cars in the first month it had cars available.

In September, 1.31 million EVs were produced in China, up 48% from the same quarter a year ago.

BYD is the bellwether of China’s EV industry. The recent quarterly figures showed it had moved ahead of Tesla in global EV unit sales.

EVs In Europe And US

No matter how difficult it has been to sell EVs in the US and Europe, BYD shows the strength of the Chinese market. It also shows that with the large number of companies with the capacity to increase production, these companies can expand globally, whether the US and EU can be targets or not.

BYD plans to open a plant in Turkey, which may allow it to enter the EU without tariffs. It will also open a facility in Cambodia and has had early sales success in Thailand, Malaysia, and Australia. It will also start to sell cars in Brazil, the seventh-largest car market in the world.

BYD may not have a large number of unit sales outside China, but its Chinese revenue will fund a global attack on car companies worldwide.