BYD, the China automaker backed by Warren Buffet, is leading an offensive against Internal Combustion Engine vehicles. It's EV versus ICE on an ever-growing scale.
A new report claims BYD’s new EV platform will slash costs even further as the automaker kicks off a “liberation battle” against gas-powered cars. Best known for its low-cost EVs, BYD is taking its game up a notch in 2024. After surpassing Tesla to become the largest EV maker globally in the last three months of 2023, BYD says Tesla is not the competition. It’s gas-powered cars.
The automaker said it was “directly destroying the moat of joint venture vehicles.” In other words, legacy automakers that are still selling gas-powered cars. Whilst it's good news for the planet, and our wallets, it's a terrifying prospect for long established brands that built their businesses with fossil-fuel powered cars and have been slow to introduce sensibly priced EVs that the mass market can afford.
Although many compare BYD and Tesla, BYD sees Tesla as an ally and “industry peer.” BYD believes working with Tesla is best as it aims to increase the share of EVs on the road with a new raft of unbelievably cheap cars.
BYD is getting aggressive by slashing prices on its existing models, whilst introducing ever cheaper new models. Most recently, BYD revealed its cheapest EV yet, the new Seagull EV starting at a “shocking price” of $9,700 (69,800 yuan).
Although BYD says it isn’t planning to launch passenger EVs in the US, it's taking market share in other important global markets, including Europe, Japan, South America, and Thailand. Indeed, BYD’s first cargo ship landed in Germany last month carrying around 3,000 vehicles as the automaker looks to expand its global footprint.