Caixin
Dec 06, 2022 04:18 AM
BUSINESS

BYD Has Tesla In Its Sights After a Year of Runaway Growth

(Bloomberg) — Covid lockdowns, supply chain woes and China’s power shortages haven’t been enough to halt BYD Co.’s relentless advance to dominate the world’s biggest electric-vehicle market.

Now, it has Elon Musk’s Tesla Inc. in its sights.

The automaker backed by Warren Buffett’s Berkshire Hathaway Inc. will enter 2023 on a roll with record vehicle sales, revenue and profitability, driven by the appeal of its affordable cars in China’s mass market. It’s now making a play for wealthier buyers in the premium end of the market with two luxury brands, pitting itself against Tesla’s pricier cars.

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