The Real Leader Of Global EV Market

News & Tips

Published: October 1, 2021

leader of ev market

Move over TESLA! Another car company is hoarding silver, gold, platinum, palladium, and customers for electric vehicles.

For a Warren Buffet-backed company, I didn’t expect anything less.

BYD, China’s biggest supplier of electric vehicles, registered a net profit of double that of the previous year. They clocked in $660 million last year.

BYD’s market capitalization of $91 billion tops GM’s $80 billion and Ford’s $54 billion.

Its financial and stock performance has also helped propel its billionaire CEO Wang Chuanfu to No. 3 on the 2021 Forbes China Best CEOs list unveiled on Thursday.

BYD’s dominance in the EV market will be central to electric vehicles’ future. It boasts the biggest auto market and accounted for nearly a third of all motor vehicles produced worldwide last year.

It’s also the leader in EV sales. The EV market grew by 40% globally in 2020 to 3 million vehicles.

BYD’s Wang says, sooner than later, EVs will dominate in China and fossil fuel cars will be a minority.

The EV penetration rate of new sales during the first six months of the year rose from 6.4% in January to about 14% in June.

Wang noted in written replies to interview questions from Forbes China. “New phenomena never develop at similar rates, and the industry is changing at a pace even faster than imagined.”

He also expected new EV sales to account for 70% of the Chinese market by 2030.

Fast growth and huge global stakes are attracting not just new entrants but also potential partners to the auto field including telecom maker Huawei, internet heavyweight Baidu, smartphone maker Xiaomi, TV maker Skyworth, and real estate developer Evergrande.

And this is just the beginning. Many companies are getting into the EV industry, moving to fresh markets such as the rest of Asia. Even TESLA has expanded to solar panels.

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News & Tips
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