Who thinks the Chinese are still in the Stone Age when it comes to electric cars wrong: BYD has just overtaken Tesla. And that means now is the largest electric vehicle manufacturer in the world.
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Ironically there is an American – Warren Buffett, through his Berkshire Hathaway – investing heavily in the Chinese auto giant. But, corporate structures aside, it is striking that the record was obtained by delivering 641,000 vehicles in the first six months of the year, therefore with a leap of over 300% compared to the same period of the previous year. A setback for Tesla that did not go beyond 564,000 vehicles sold. Of course, Elon Musk’s company has been hit by the disruptions in the supply chain and sales in China, caused in turn by the lockdowns for Covid-19. But the strength of BYD is enormousalso considering that it has just overtaken South Korea’s LG as the world‘s second largest producer of electric vehicle batteries, behind China‘s Contemporary Amperex Technology, known as Catl.
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But behind the record there is also another aspect that should not be forgotten: last year China, the world‘s largest auto market, has exported more than half a million electric vehicles, more than double the previous year. And that a third of Chinese exports to Europe consisted of Chinese-owned European brands, such as Volvo and MG Motor, while only 2% represented Chinese brands. In short, anyone who talks about a possible “invasion” is wrong. The Chinese industry has already taken over the car market for some time.