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{"id":35205,"date":"2023-06-15T22:05:30","date_gmt":"2023-06-15T22:05:30","guid":{"rendered":"https:\/\/scienceandnerds.com\/2023\/06\/15\/byd-is-overtaking-tesla-but-its-ev-dream-skips-the-us-for-now\/"},"modified":"2023-06-15T22:05:31","modified_gmt":"2023-06-15T22:05:31","slug":"byd-is-overtaking-tesla-but-its-ev-dream-skips-the-us-for-now","status":"publish","type":"post","link":"https:\/\/scienceandnerds.com\/2023\/06\/15\/byd-is-overtaking-tesla-but-its-ev-dream-skips-the-us-for-now\/","title":{"rendered":"BYD is overtaking Tesla, but its EV dream skips the US for now"},"content":{"rendered":"

Source:https:\/\/techcrunch.com\/2023\/06\/15\/byd-is-overtaking-tesla-but-its-ev-dream-skips-the-us-for-now\/<\/a><\/br>
\nBYD is overtaking Tesla, but its EV dream skips the US for now<\/br>
\n2023-06-15 22:05:30<\/br><\/p>\n

\n
\n\t\t\t\n\t\t<\/div>\n<\/p><\/div>\n
\n

A Chinese electric vehicle brand that\u2019s rarely spotted in the U.S. is quickly catching up to Tesla\u2019s dominance of the global EV market.<\/p>\n

BYD, which started in Shenzhen 28 years ago, delivered<\/a> 547,917 passenger EVs, including hybrids, a category it\u2019s known for, in the first quarter of 2023. The tally surpassed that of Tesla, which shipped<\/a> around 422,000 vehicles during the period.<\/p>\n

BYD, which is short for \u201cBuild Your Dreams,\u201d has been the go-to affordable brand for Chinese consumers who are switching to plug-ins, a contrast to the social status associated with buying a Tesla. In its backyard Shenzhen, BYD is the manufacturer of public buses and taxis, which are now 100% electric<\/a>.<\/p>\n

Building off its domestic success, the Warren Buffet-backed carmaker has been making inroads into foreign markets over the last two years. In 2022, BYD exported around 56,000 vehicles; in May this year alone, it sold<\/a> over 10,000 vehicles overseas, signaling an acceleration of its global expansion.<\/p>\n

However, amid rising U.S.-China trade tensions, the company has so far left America out of its global roadmap. BYD is currently shipping passenger cars to markets, including Singapore, where it became the best-selling EV brand for the first five months of this year<\/a>, as well as Thailand, the UAE<\/a>, Japan, Australia, Norway, the U.K., Germany<\/a>, Brazil, Costa Rica and Mexico.<\/p>\n

Asked in an interview with Bloomberg, Stella Li, a senior vice president at BYD, said<\/a>, \u201cThe U.S. market isn\u2019t under our current consideration.\u201d The executive, who oversees the company\u2019s international expansion, also believes President Joe Biden\u2019s Inflation Reduction Act (IRA), may \u201cslow down EV adoption in the U.S.\u201d because it will make affordable EVs inaccessible to American consumers.<\/p>\n

Last August, Congress passed the IRA<\/a>, which gives up to $7,500 in tax credits to consumers in their purchases of clean energy vehicles that meet certain domestic sourcing and manufacturing thresholds. The law is designed to boost U.S. auto production and reduce the nation\u2019s reliance on China\u2019s battery supply chain.<\/p>\n

BYD is no stranger to localization in the U.S. In late 2019, the company announced<\/a> that the Los Angeles Department of Transportation ordered 130 of its battery-electric buses (the largest single order of electric buses up to that point nationwide, it claimed), and planned to build the buses in a California factory. The finished vehicles would exceed the \u201cBuy America\u201d requirements with more than 70% U.S. content, BYD said at the time.<\/p>\n

BYD\u2019s range of low-cost EV models has attracted large swathes of price-sensitive consumers, prompting some to call it the Toyota of the EV era. Localizing its production in the U.S., however, will inevitably increase its production costs, which will eventually offset the discounts granted by the act.<\/p>\n

The Chinese company has managed to manufacture EVs at an appealing price thanks to its control over the complete supply chain. It\u2019s one of the world\u2019s biggest manufacturers of lithium batteries \u2014 a critical component of electric cars \u2014 and supplies to its own competitors including Tesla. Like other EV manufacturers in China, BYD has also enjoyed a decade of government subsidies amid the nation\u2019s push to phase out gasoline cars and be a leader in renewable energy.<\/p>\n<\/p><\/div>\n

<\/br><\/br><\/br><\/p>\n

Science, Tech, Technology<\/br>
\n<\/br>
\nSource:https:\/\/techcrunch.com\/2023\/06\/15\/byd-is-overtaking-tesla-but-its-ev-dream-skips-the-us-for-now\/<\/a><\/br><\/br><\/p>\n","protected":false},"excerpt":{"rendered":"

Source:https:\/\/techcrunch.com\/2023\/06\/15\/byd-is-overtaking-tesla-but-its-ev-dream-skips-the-us-for-now\/ BYD is overtaking Tesla, but its EV dream skips the US for now 2023-06-15 22:05:30 A Chinese electric vehicle brand that\u2019s rarely spotted in the U.S. is quickly catching up to Tesla\u2019s dominance of the global EV market. BYD, which started in Shenzhen 28 years ago, delivered 547,917 passenger EVs, including hybrids, a category […]<\/p>\n","protected":false},"author":1,"featured_media":35206,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"pagelayer_contact_templates":[],"_pagelayer_content":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[26,17,8],"tags":[],"class_list":["post-35205","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-science","category-tech","category-technology"],"yoast_head":"\nBYD is overtaking Tesla, but its EV dream skips the US for now - Science and Nerds<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/scienceandnerds.com\/2023\/06\/15\/byd-is-overtaking-tesla-but-its-ev-dream-skips-the-us-for-now\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BYD is overtaking Tesla, but its EV dream skips the US for now - Science and Nerds\" \/>\n<meta property=\"og:description\" content=\"Source:https:\/\/techcrunch.com\/2023\/06\/15\/byd-is-overtaking-tesla-but-its-ev-dream-skips-the-us-for-now\/ BYD is overtaking Tesla, but its EV dream skips the US for now 2023-06-15 22:05:30 A Chinese electric vehicle brand that\u2019s rarely spotted in the U.S. is quickly catching up to Tesla\u2019s dominance of the global EV market. 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