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Matvey Filkin
Tesla’s main competitor, the Chinese company BYD, reported a 400% increase in profits compared to the same quarter last year. The company recently launched its first mass-market electric car, the sub-$14,000 BYD Seagull, which can travel more than 200 miles on a single charge.
Image Source: BYD
The world’s second-largest electric vehicle maker continues to close in on Tesla’s heels with a more diverse fleet of electric vehicles and proprietary battery technology. As Elon Musk recently acknowledged, BYD may be Tesla’s most formidable competitor.
The company is expanding into niches where Tesla is not yet present, such as affordable compact electric vehicles for the mass market. BYD recently launched its first truly affordable electric car for the masses, the Seagull, which costs less than $14,000 but can travel more than 200 miles on a single charge. The number of pre-orders in the first 24 hours exceeded 10 thousand, which indicates a high interest in this BYD model.
The company, which Warren Buffett invested in back in 2008, posted a record 400% year-on-year earnings growth. BYD’s 17.86% profit margin for the latest quarter is actually approaching Tesla’s 19.3% gross margin for the same period from January to March, which would have been unthinkable even last year.
BYD is forecasting fairly stable demand for its electric vehicles, which could see the company outsell Tesla this year.
2023-04-29 18:48:00
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