BYD Closes in on Tesla's Lead in Global EV Sales
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Chinese automaker BYD close to surpassing Tesla in global EV sales and poised to close gap in last quarter.
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BYD founded in 1995 by Wang Chuanfu to make batteries; now involved in EVs, rail, renewables. Backed by Berkshire Hathaway.
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BYD took advantage of Chinese govt subsidies to make EVs more affordable at lower prices than Tesla in China.
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Tesla still ahead on revenue, income and market cap but gaps with BYD shrinking.
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Competition could intensify as BYD launches more advanced EVs in 2024; tech giants like Huawei also potential threats.