The BYD Seal EV was a huge success, with 22,637 pre-sold units in just six hours in China, making BYD the Third Most Valuable Automaker.
Chinese EV maker BYD is currently the third most valuable company globally, according to a report by autoevolution. As its share price reached $42.92, the company is now valued at $114.03 billion.
Volkswagen is in the fourth position with a value of $106.16 billion. Toyota is in second place with a market cap of $221.32 billion, a 0.5% higher than BYD and VW combined. Tesla still has the largest market cap but lost a significant portion of the $1 trillion it achieved months ago.
BYD is doing so well that it just launched BYD Seal and has sold 22,637 units in six hours. Its reservations opened at 4:20 pm in China on May 20.
The BYD Seal is said to compete with the Tesla Model 3. Its design and price range make Seal a significant competitor against Tesla’s popular sedan. The four variants of the Seal range in price from RMB 212,800 to RMB 289,800 ($31,982.20 to $43,554.71).
The automaker is seemingly doing better despite the ongoing lockdowns in the country. However, despite its good performance, one thing that might disrupt its operations is the production suspension of its Changsha plant.
However, this may not affect BYD quite much as its other factories can supply the vehicles that the Changsha plant can produce. Accordingly, its Shenzhen Plant can produce 440,000 units annually.
Last April, BYD discontinued its gas-only auto line to focus on PHEVs and pure electric vehicles. In addition to that, the automaker also produces its semiconductors, batteries, and other components.
They will not have to worry about suppliers delivering their raw materials since they produce their components. The Chinese company’s ability to reach different markets is the only thing holding it back. Now that it has the e-platform 3.0, Blade Batteries, and a new line of appealing electric vehicles.
During the first quarter of 2022, it sold 286,329 new energy vehicles, and in April alone, it sold 105,475 new energy passenger vehicles.
BYD Auto is a division of BYD Co. Ltd. Next year will mark the automotive division’s 20th anniversary as one of the largest auto manufacturers in China.
