Will China’s BYD Co Overtake Tesla as the Biggest Seller of EVs?

BYD Co (BYDDY), China’s best-selling automaker, is closing the gap with Tesla (TSLA) in becoming the world’s largest seller of electric vehicles (EVs).  BYD Co sold 431,603 fully electric vehicles in the three months ended September 30, up +23% from the second quarter.  Meanwhile, Tesla sold 435,059 EVs in the same period, showing a 3,456 gap that is the narrowest yet between the two companies.

BYD has made progress in broadening its appeal by adding two luxury EV vehicles to its lineup.  The company added the Yangwang and Fang Cheng Bao vehicles, which sell for 1 million yuan ($137,000), more than double the price of some of its earlier higher-end vehicles.  BYD is more profitable than most EV makers as it makes its own batteries and semiconductor chips.  Growing exports are also boosting BYD’s global presence as it seeks a larger chunk of overseas sales to supplement its dominance in China.