Tesla’s EV dominance may fall soon to a Chinese firm called BYD (Build Your Dreams). Founded back in 1995 by entrepreneur, chemist, and billionaire Wang Chuanfu, BYD first started its life as a battery maker before transitioning into full-scale EV manufacturing. The Shenzen-based company played a major role in taking a large share of the rechargeable battery market from Japan, becoming one of the biggest suppliers of mobile phone batteries in the world.
Even as BYD seeks to make a name in the electric vehicle segment, it still draws most of its revenue from mobile phone battery sales. The Chinese company is now one of the largest manufacturers of electric cars on the market, managing to claim several spots in the ten best-selling EVs in July. Furthermore, BYD is also the fourth largest manufacturer of batteries worldwide, producing about 10% of the globe’s battery capacity.
BYD may be new to the car-selling game but its track record has been quite impressive so far. In the first half of 2022, it sold more than 640,000 brand-new passenger EVs, going up by 3,000% year on year and surpassing Tesla sales in the same period by 76,000 units. The Chinese firm enjoyed record sales in July, selling over 160,000 electric vehicles which was 222% more than the EVs it sold last July.
This included 37,784 units of the BYD Song Plus, which was the best-selling EV in July, 30,115 units of the BYD Qin Plus, 25,293 units of the BYD Han, 20,546 units of the BYD Dolphin, and 19,295 units of the BYD Yuan Plus. BYD owes a significant portion of its success to its patent portfolio which contains a whopping 9,426 patents and makes the Shenzhen-based firm the top-ranking Chinese company in the new energy vehicle segment.
In total, BYD has 21,000-plus patents in four different battery sectors, including the automotive space, making it a global leader in battery innovation. By partnering with companies like Mercedes and Toyota and outsourcing its battery operations to more OEMs (original equipment manufacturers), BYD will be able to operate on a worldwide stage, not just in China.
BYD’s revolutionary Blade Battery has enormous potential for the company as it is light years ahead of other EV batteries in terms of safety. The Blade Battery was the only electric vehicle battery to pass acupuncture tests, giving it full-proof resistance against spontaneous battery combustion. With high energy density and a lifespan of 3,000 charging cycles or 1.2 million kilometers (745,645 miles), the Blade battery will be perfectly suited for long-term use.
On top of producing passenger electric cars, BYD has also expanded its lineup to include electric buses which are currently being sold in Japan, India, and Europe. In the near future, the Chinese company plans on selling its EVs in Latin America, South East Asia, and Australia. Given that firms from China tend to sell their products cheaply compared to Western firms, BYD is poised to become one of the largest players in the electric vehicle space.
The electric vehicle industry is still in its infancy, so there is plenty of opportunity for all manufacturers like Lordstown Motors Corp. (NASDAQ: RIDE) to claim a bigger share of this growing market in the years and decades ahead.
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