BYD Replaces Tesla as Top Producer of Electric Vehicles Globally

Last year, electric vehicles continued to make history when yearly output for the first time surpassed 10,000,000 vehicles. This is a significant increase from the 6,700,000 made in 2021.

To visualize the leading 15 brands in terms of output, data from EV volumes is used. By increasing its production capacity by a staggering 211% last year, BYD Automotive has surpassed Tesla to become the new king of electric vehicles. Following this course, BYD will probably make history by producing more than two million electric vehicles in only one year.

Although BYD has such a small presence in international markets, this might be changing rapidly as the company plans to launch a significant push in European markets where it hopes to set up production plants for the sake of avoiding European Union import tariffs on cars from China.

In addition, a plant is being built in Thailand by BYD in order to make right-hand-drive vehicles for countries such as New Zealand, Australia and the United Kingdom.

Last year, Tesla achieved a healthy 40% production increase and maintained its lead over Western companies such as VW (+10%) and General Motors (+13%), whereas it was behind its rivals such as Geely (+251%) from China.

It is impossible to say for certain that such brands from China will be able to sustain their exponential growth. However, one thing is obvious: Tesla is up against greater competition than it has previously faced.

Tesla aims to achieve a yearly production of approximately 20,000,000 vehicles in 2030, meaning that over the next 10 years, it will need to maintain higher double-digit rates of growth every year. The company plans to set up a multibillion-dollar facility in Mexico that will be able to produce 1,000,000 cars each year in support of this project.

The expansion rate of Hyundai Motor Company, which controls Kia as well, was comparable to Tesla’s. Releasing the first Hyundai Ioniq in 2016, South Korea’s carmaker was an early entrant in the electric vehicle market.

South Korea and a number of other countries voiced their opposition to the Inflation Reduction Act brought by the administration of President Biden, withdrawing tax benefits for electric vehicles not produced in America.

In Georgia, Hyundai is now constructing an electric vehicle plant at a cost of $5.5 billion, though it will not be ready to produce vehicles until the year 2025. Meanwhile, in order to support homegrown brands, South Korea has made changes to its own electric vehicle subsidy scheme.

The successes registered by BYD, Tesla and other major players in the EV space shows that startups such as Lordstown Motors Corp. (NASDAQ: RIDE) can also notch major successes if they are consistent in manufacturing vehicles that address the real needs of consumers.

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