If you pay attention to the EV news these few days, you should be aware that BYD automaker is poised to surpass Tesla as the new worldwide leader in fully electric vehicle sales. When it does — likely in the current quarter — it will be both a symbolic turning point for the EV market and further confirmation of China's growing clout in the global automotive industry.
In a sector dominated by more familiar names like Toyota Motor Corp, Volkswagen AG and General Motors Co, Chinese manufacturers including BYD and SAIC Motor Corp are making serious inroads. After leapfrogging the US, South Korea and Germany over the past few years, China now rivals Japan for the global lead in passenger car exports. Some 1.3 million of the 3.6 million vehicles shipped from the mainland as of October this year were electric.
I think it is no longer about the size and legacy of auto companies, it is about the speed at which they can innovate and iterate. BYD began preparing long ago to be able to do this faster than anyone thought possible, and now the rest of the industry has to race to catch up.
The passing of the EV sales crown also reflects the shift in competitive dynamics between Tesla's Elon Musk, the world's richest executive, and BYD's billionaire founder Wang Chuanfu.
The likely change in the global EV pecking order marks the realisation of a goal that Wang, 57, set back when China was starting to foster its now world-beating electric car industry. While BYD continues to pull away from Tesla and all other auto brands at home, replicating its runaway success abroad is proving tricky.
Even though the competition becomes challenging in the EV sectors with more and more new players involved, but then the market is just too big, with much more potential ahead. Therefore, I believe all the EV companies will continue to perform greatly for 2024. For such, I am bullish for $Tesla Motors(TSLA)$
How do you think?
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