Shenzhen, China - In a remarkable turn of events, BYD Auto has overtaken Tesla to become the leading electric vehicle manufacturer as of the fourth quarter of 2023. This shift marks a significant milestone for the Chinese automaker, which produced a total of 3 million electric vehicles by the end of the quarter.
Warren Buffett's Berkshire Hathaway initially invested in BYD back in 2008, recognizing the potential for growth in China's electric vehicle market. Since then, BYD has expanded its offerings from batteries to electric buses and cars, consistently innovating and improving its technology and design.
Despite facing financial difficulties between 2017 and 2019 due to reduced government subsidies, BYD rebounded strongly, with electric vehicle sales in China surging by 300% from 2020 to 2022. In 2022, BYD surpassed Tesla in sales, prompting the company to cease production of fossil fuel vehicles entirely.
Looking ahead, BYD plans to establish a manufacturing plant in Indonesia by the end of 2025, further solidifying its position as a global automotive giant. Currently, BYD Auto accounts for approximately 80% of the conglomerate's revenue, showcasing its pivotal role in the company's success.