Elon Musks Tesla is one of the most popular car manufacturers, thanks to his own popularity. While Tesla is a well-known name in the global electric vehicle market, there is another big player in town.
BYD, a Chinese auto company, has become the world's largest electric vehicle manufacturer, though by volume. The position was previously held by Tesla, although it appears they'll have to modify their strategy in order to keep up with growing competition from other companies.
Tesla had a great year in terms of sales in 2021. With gas prices rising and a widespread climate awareness, the company sold over 900,000. According to the China Passenger Car Association, about 437,000 of those Tesla cars were manufactured in China.
Tesla's China is a major consumer market, with 160,000 of the company's cars sold within the company itself. However, China holds the same fears about being spied by the cars in the same vein as the several countries feel about Chinese technology. While Tesla sold 564,000 vehicles in the two quarters of 2022, BYD sold 641,000 vehicles, having a 315% increase in sales.
BYD began out as a general automobile manufacturer using combustion engines, but later became a fully electric vehicle and hybrids business earlier this year.