Is BYD Going To Become The Largest Automaker In The World?
BYD's growth has been astounding in recent years. it was hard to imagine it would have the brightest of futures, but as the company has evolved and the EV market has improved and grown, BYD has become better and better. It has also become more and more dominant in its home market of China and is quickly exporting EVs to more and more countries, while also building factories in more and more countries.
One key thing that triggered this article was the company's vehicle insurance registrations in China in the last week of Aug. BYD scored 88,800 registrations, more than 6 times more NEV ("new energy vehicle") registrations than #2 Wuling and #3 Tesla, and almost 8 times more than #4 Li Auto.
BYD has climbed higher and higher and now absolutely dominates the biggest EV market, and biggest auto market, in the world. Here's a recent chart demonstrating that:
It's hard to imagine any other automaker coming close to BYD in China. It's also easy to presume that BYD will grow more and more as the Chinese auto market goes from 51% NEV sales.
As we've also been reporting, BYD is going into more and more markets. In recent months, we've had reports on its expansion into South Africa, Pakistan, Sri Lanka, Uzbekistan, Colombia, Senegal, Thailand, Russia, and surely other markets I'm missing now. In addition, without a doubt, BYD will be entering more countries in the coming year.
BYD is barely in those markets today, but it's there now. And as EV costs continue to come down, as BYD manufacturing continues to scale up, the company will eat into legacy automakers more and more and will gain greater and greater market share - of small markets, large markets, and the world as a whole.
We also have had stories on the potential crisis coming Toyota's way, and the fact that Toyota is even relying on BYD tech for its EVs in China. Given recent decades, it’s hard to not see Toyota at the top of the auto charts, but trends imply that Toyota could be on the way down as BYD is on the way up. BYD is setting foot in more and more markets around the globe, and is surely looking to scale up sales in those countries as the "best value for money" provider of high quality but cheap electric vehicles. Nothing really comes to mind to stop me from thinking BYD is well on its way to becoming "the next Toyota." And if BYD is the next Toyota, that implies BYD will become the largest automaker in the world.
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