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BYD is making a big profit with EVs: look at Volkswagen and Toyota, it is possible! - AutoReview.nl

While Volkswagen and Ford are making big losses on their electric cars, BYD is starting to boom. In the third quarter of 2023, it made a record profit of 1.33 billion euros. The Chinese are well on their way to dethroning Tesla as the best-selling electric car brand.

BYD is only a few thousand cars away Tesla, which is the best-selling EV brand to date. BYD's sales figures have been on an upward trend all year, with 151,193 fully electric cars sold in September alone. In the entire third quarter, 431,603 electric BYDs were sold. This puts it very close on Tesla's heels, the backlog is a manageable 3456 cars.

Will BYD overtake Tesla? With our newsletter you won't miss it!

Price war with Tesla

The record profit is all the more remarkable because Tesla and BYD are involved in a price war, especially in China. Prices were drastically reduced several times by both brands in 2023. Gritting their teeth, other brands also followed, including Ford, Hyundai, Volkswagen and Renault. But BYD's accountants look at the balance sheet with a smile, because profits increased by 82 percent compared to 2022.

BYD is expanding very quickly. The brand was launched in the Netherlands at the end of 2022 and is now active in all major European countries. Hungary was added to the list in October. You can also buy BYDs in Thailand, Brazil, Australia and India, but not yet in the United States. In the Netherlands you can choose from five models, including the Atto 3 and the Dolphin WORLD (price: 29,900 euros).

Model Y has BYD battery

Even if you don't drive a BYD, there is still a chance that your electric car contains technology from this Chinese giant. BYD builds its own batteries and almost every car manufacturer really wants them. For example, the Tesla Model Ys that roll off the production line in Berlin have a BYD battery. Toyota and Kia also buy batteries from BYD. And that gives the Chinese a huge advantage over other car brands. Almost every part of the car is made in-house. With the Dolphin, which was recently also introduced in the Netherlands, only the tires and windows come from suppliers.

Tip

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Difference with Volkswagen and Toyota

Traditional car brands are struggling enormously with their electric cars. Like Toyota, which keeps saying that hybrid technology is just as important is like fully electric. According to Toyota, the electric car is not the holy grail to become climate neutral. But do they mean it or are they saying it because they are behind? The Volkswagen Group's struggles with electric cars give rise to worrying reports almost every week about mass layoffs and postponements of key models.

The fourth quarter of 2023 has now started. Will BYD be able to displace Tesla as the largest EV producer by the end of this year? They are well on their way...


This post was last modified on October 31, 2023 3:11 pm

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Dreamer is what I am, but unlike many, I struggle to make my dreams come true. I own, seo, admin and site editor. I am a father, married, Christian, Northeastern/Brazil and Libran. I love cars <3

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