Etiqueta: Industry

China is far outpacing the west in the shift to electric vehicles

The profound and sustained challenge to auto industry economics will force cost cutting, mergers — and all the political wrangling, labor unrest and trade friction this entails.

The title of the worlds largest maker of pure electric cars no longer belongs to Tesla. A fierce competitor has surged ahead, with focus on innovation, this company has outpaced Teslas dominance in the EV market.

The number of electric vehicles (EVs) produced by Chinese new-energy vehicle (NEV) maker BYD surpassed that of US automaker Tesla in 2024, while in terms of EV sales, BYD's gap with Tesla narrowed to within 30,000 units last year, according to freshly-released financial statements by the two companies. The new trend speaks volume for the growing competitiveness of Chinese NEV and its popularity in global markets, which is bolstered by technological advancement and across-the-supply-chain advantage, auto analysts said.

BYD's rapid ascent challenges Tesla's reign as the EV leader, but with Tesla's innovation and loyal following, the 2025 showdown for EV supremacy is heating up.

December once again boasted the strongest month on record with some dizzying figures from automakers, as China’s car retailing maintained its growth trajectory in the past six months.

BRAND HEALTH CHECK: After outpacing Tesla in revenue and smashing sales records in 2024, China's EV powerhouse faces its biggest challenge yet. With the EU slamming on 45% tariffs and the U.S. market locked down, can BYD jump-start its global ambitions, or will trade barriers force a power-down?

Sign up for daily news updates from CleanTechnica on email. Or follow us on Google News! The world’s top two electric vehicle companies, BYD and Tesla, just released their latest annual sales figures, and they make some really interesting reading. Tesla leads the way in terms of battery electric vehicle ... [continued]

Also in today’s newsletter, South Korean cryptocurrency mogul Do Kwon in court and Alibaba agrees to sell stake in Sun Art Retail

Sign up for daily news updates from CleanTechnica on email. Or follow us on Google News! BYD’s huge growth in 2024, as I wrote just two days ago, was one of the stories of the year. Now we have BYD’s December and full-year 2024 sales in, and they’re good. In ... [continued]