Automaker BYD is emerging as one of Tesla’s biggest competitors in China, latest vehicle registration data shows – FutureCar | CarTailz

Author: FutureCar Staff

BYD’s flagship, the Han EV, was launched in July 2020.

Recent data from the China Passenger Car Association (CPCA) provides a snapshot of China’s best-selling vehicles from October 1 to November 6. The CPCA data also tracks the registrations of New Energy Vehicles (NEV) in China, which are classified as all-electric plug-in vehicles -in hybrid and fuel cell vehicles.

Among the top 14 vehicle makers in the NEV category, China’s BYD tops the list with a registration of 37,168 vehicles, according to data released by news agency CnEVPost. In second place is the world’s leading electric car manufacturer Tesla with a total of 11,195 registrations since October 1st.

China’s NEV registrations totaled 110,539 units as of Oct. 1, up 43.1% year-on-year. More than a third of these were vehicles of the BYD brand. The company’s vehicle registrations are more than three times the number of Tesla vehicles registered since Oct. 1 as the adoption rate of EVs in China continues to increase.

BYD, based in Shenzhen, is China’s largest manufacturer of electric vehicles. The US investor Warren Buffett is behind the company. The automaker produces passenger cars, all-electric and plug-in hybrid vehicles, and electric buses.

BYD was founded in February 1995 as a battery manufacturer. The company is now shifting to building more electric vehicles. BYD says it is committed to building a zero-emission ecosystem and a more sustainable future through electrification. The company name is an abbreviation for “Bring Your Dreams”.

Two other major rivals to Tesla in the pure electric vehicle category are US-listed NIO Inc and XPeng Inc. Both companies make the top 14 NEV brands list. Registrations of new NIO vehicles were 2,852, placing the automaker seventh on the list. NIO’s national rival XPeng ranked 14th with 1,115 EVs registered.

The low number of NOK vehicle registrations for the period is not based on falling demand. On November 2, Bloomberg reported that NIO had fallen behind on production of about 7,000 vehicles due to closures of manufacturing plants in China.

Today, BYD announced that it will launch a new electric brand under the name “Yangwang” in the first quarter of 2023, the first model of which will be a kind of premium off-road adventure vehicle. Vehicles produced under the new brand will cost between 800,000 and 1.5 million yuan ($110,287 to $206,763), according to CNBC.

BYD electric vehicle sales have also been boosted by incentives offered by China’s central and local governments.

Last month, BYD forecast a big jump in earnings for the third quarter of 2022. The company said net income is estimated to grow between 333.6% and 365.11% year-on-year in the three months ended Sept. 30.

BYD also claims to be the first automaker in the world to have extensive expertise and intellectual property in the three core technologies for electric vehicles, batteries, electric motors and electronic controls.

BYD’s focus on building electric vehicles makes the company a bigger rival to Tesla in the world’s largest auto market for the foreseeable future, along with other electric vehicle brands Zeekr, NIO and XPeng.

China’s new premium EV brand Zeekr, owned by Chinese automaker Zhejiang Geely Holding Group Co. (“Geely”), ranked 11th out of 14 models with 2,308 EVs registered. Zeekr recently launched its second model, a sleek people carrier called the 009.

Zeekr’s new electric multi-passenger van (MPV) will be the world’s first vehicle to be powered by an advanced battery developed by battery manufacturer Contemporary Amperex Technology Co Ltd. (CATL) called “Qilin” was developed and was presented in the summer.

With Qilin’s more energy-dense cell-to-pack battery, an electric vehicle can travel up to 1,000 km (621 miles) on a single charge, according to CATL. The impressive range of the Qilin battery has the potential to transform the auto industry and lead to widespread global adoption of electric vehicles.

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