Tesla and BYD are at the forefront of the electric vehicle (EV) market in 2023, marking a significant shift in global automotive trends.
According to industry experts, the two companies have emerged as the big winners in the rapidly expanding EV sector. The International Energy Agency predicts that EV sales will reach 14 million by the end of the year, representing a 35 percent year-on-year increase.
In 2022, 22 percent of passenger vehicles sold in the Chinese mainland were all-electric, amounting to 4.4 million sales. This figure surpasses the combined EV sales of three million in the rest of the world.
David Bailey, professor of business economics at the University of Birmingham, notes that Chinese EV manufacturers and their diverse models are now dominating global sales. He also highlighted the success of Chinese EV manufacturer GAC.
The rise of companies like BYD and GAC underscores the Chinese mainland’s significant role in the global transition to electric mobility. With a strong domestic market and increasing international presence, Chinese EV makers are set to influence the industry’s future trajectory.
Reference(s):
cgtn.com
