Chinese electric vehicle and power battery giant BYD has successfully overthrown Tesla in its home market. It has also been penetrating foreign markets worldwide as it aims to advance as the global industry leader.
As part of the automaker’s mission to promote the shift, it now urges other Chinese automakers to also hit the global market. It further advised them to completely “demolish the old legends” of the automotive sector.
In hindsight, Tesla CEO Elon Musk mocked BYD cars’ quality in a 2011 interview. Now, the American billionaire ultimately changed his opinion about BYD. He stated that his previous remarks were “many years ago” already.
“Their cars are highly competitive these days.”Tesla CEO Elon Musk (via Twitter/X )
What does BYD mean?
Fortune reports that American legacy automaker Ford is among the “legends” BYD refers to.
“They developed very quickly, and they’ve developed them in large scale, and now they are exporting.”Ford Executive Chairman Bill Ford Jr. told Fareed Zakaria in June
That said, BYD Chairman Wang Chuanfu is now attempting to push Chinese EV brands to contribute to advancing the country’s position as a global powerhouse.
“I believe the time has come for Chinese brands. It’s an emotional need for the 1.4 billion Chinese people to see a Chinese brand becoming global.”BYD Chairman Wang Chuanfu
The Chairman delivered these statements at a company event to celebrate a production milestone. His presentation also displayed 12 Chinese automakers’ logos and a video of their history. Some of these brands are NIO, XPeng, and Li Auto.
“Our stories are different from each other but share the same direction… demolish the old legends and achieve new world-class brands.”BYD Chairman Wang Chuanfu
- BYD to hit the 5 million unit production threshold on August 9
- BYD’s Denza brand announces plans to release new SUV N8 in early August
- Indonesia to launch new set of incentives for electric automakers, organizes a meeting with Tesla and BYD
- India turns down BYD’s $1B factory proposal
- BYD battery manufacturing expansion: $1 billion plant in India, Sodium-ion batteries in China
The electric vehicle transition indeed gives Chinese automakers an advantage. They have expertise in developing and producing innovative power batteries and green technologies. Their presence continues to threaten legacy automakers like Ford, which struggles with declining profitability in its EV business.