The Chinese automobile companies are unmatched in this. It’s just that the US has sufficient protectionism to protect its local market. But these guys are a wave like the origin of the Japanese automobile. It’s going to make life hard for American manufacturers just as the developing nations are getting rich enough for automobile purchases.
The current 100% tariff on EVs from China^[1] may play a large part in the US market. The latest Xiaomi seems like a pretty good deal. Even Ford's CEO said he had been driving it for the last 6 months to understand the competition better and he didn't want to go back to his old car^[2]. I won't bother though since I have to pay double.
Patience. I saw my first BYD in the UK yesterday. Definitely on their way.
Don't get me wrong, I'm no real fan of them, but they are coming. Significant models have only just been released. In 5 years they'll be a big player here. Too early at the moment.
BYD sold a record-breaking 514,809 new energy vehicles (NEVs) in December, bringing the cumulative 2024 sales to 4,272,145 units, up 41.3% compared to 3 million in 2023. This marks the first time BYD sold over 4 million cars annually.
Out of it, 1,764,992 were passenger BEVs (battery electric vehicles), an increase of 12% from 1.6 million in 2023. All-electric vehicles represented 41.5% of BYD’s total sales in 2024.
BYD sold 2,485,378 passenger PHEVs (plug-in hybrid vehicles) in 2024, up 72.8% from 1.4 million in 2023. Plug-in hybrids represented 58.5% of BYD’s total sales in 2024.