Invested by billionaire Warren Buffett, BYD has made strong progress in recent years and in 2022, with electric vehicle sales increasing by 184%.
Last year, this Chinese car company sold 911,410 electric cars, second only to Tesla with record sales of 1,313,851 cars. If hybrid cars are included, BYD's sales in 2022 will reach 1,868,543 vehicles.
Although it is clear that Mr. Musk is still confident that Tesla will still be the world's largest electric vehicle manufacturer in the future, some analysts believe that BYD could usurp Tesla as soon as this year. This is not unfounded, as in 2022, Tesla's sales growth rate was 40% and BYD's was 184%. If that momentum continues, BYD is completely capable of surpassing Tesla in 2023.
The key to BYD's success is that the car price is in the range of 100,000-200,000 yuan (346-692 million VND) in China, cheaper than car models in the same segment from Tesla and other brands.
Therefore, if Tesla wants to maintain its leading position in the market, it needs to soon release an electric car model priced at 25,000 USD (587 million VND) as promised.
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