China’s dominance in battery production and state support helps the company undercut rivals
Elon Musk’s Tesla is on the verge of losing its crown as the world’s biggest electric carmaker after the Chinese giant BYD came within touching distance of its US rival.
BYD, whose founder Wang Chuanfu has pledged to “demolish” established Western carmakers, sold 431,603 vehicles in the third quarter of the year, just 3,456 fewer than Tesla’s 435,059.
The Chinese company has embarked on a global push outside of its home country, selling its first cars in the UK and growing sales in Europe.
Massive state support and China’s dominance in battery production means the company has been able to undercut European and American companies that have been slow to move to electric cars.