Tesla has enjoyed an impressive lead over all its rivals in the EV space across the world. But this lead is now under serious pressure
China's BYD has been making solid moves in recent times and in Q3 of 2023, equalled Tesla's global market share of 17%
As per Counterpoint Research, BYD is now poised to overtake Tesla in the world of EVs, a remarkable feat considering established global brands remain far behind
BYD Auto was founded in 2003, the same year as Tesla. While it made several kinds of vehicles, it recently opted to focus only on electrics, hybrids and plug-in hybrids
BYD is an extremely dominant force in its home base of China, a country Tesla entered in 2017
In recent times, BYD has also started expanding to overseas markets. While exports from China forms a small share of BYD sales, its domestic performance is impressive
In Q3 of 2022, BYD had a 13% global market share as against 17% of Tesla. But while Tesla has held on to its numbers, BYD has surged forward
It is predicted that BYD could surge ahead of Tesla by Q2 of 2024 if it is able to maintain the momentum it currently has
The Chinese EV giant is also hoping for a larger say in foreign markets where it has entered, including India