When China’s BYD recently overtook Elon Musk’s Tesla as the global leader in sales of electric vehicles, casual observers of the auto industry might have been surprised.
But what’s caught other carmakers around the world off-guard is something else about BYD, which is backed by Warren Buffett’s Berkshire Hathaway: its low prices.
“No one can match BYD on price. Period,” Michael Dunne, CEO of Asia-focused car consultancy Dunne Insights, told the Financial Times. “Boardrooms in America, Europe, Korea and Japan are in a state of shock.”
BYD can keeps its costs low in part because it owns the entire supply chain of its EV batteries, from the raw materials to the finished battery packs. That matters because a battery accounts for about 40% of a new electric vehicle’s price.
The American car companies haven’t exactly been stellar with regards to quality, reliability, and safety lately either.
Lately?
My VW-built EV seems pretty high quality. China and USA aren’t the only game in EVs.
Get Yourself an European car??? That’s where you go for quality
Then get yourself a Japanese car. That’s where you go for reliability.
Depends on the make and model.
Didn’t the Japanese car industry only just finally jump in the EV game?
I think toyota and hyundai are in the game now
They are, they just wasted a lot of time with Hydrogen tech instead building up their EV capabilities
Strange how that reputation persists even when they tak, a car made by someone else and put their name on it.