Lessons from China’s EV success

In the last quarter of 2023, BYD, a Chinese automobile manufacturer, overtook Tesla as the world’s largest seller of electric cars. BYD was founded in 2003, but much of its growth has come in the last few years, as the technology has matured, and as demand has grown in response to the pressure of climate change. Other Chinese car manufacturers are following in its footsteps, and China is well on its way to being a leader in the transition to electric vehicles (EV).

BYD began its transition to EV production over a decade ago, and has been achieving success in export markets, particularly Europe. The US has higher tariffs against Chinese cars, making exports more difficult.