BYD targets Tesla after a year of runaway growth

BYD’s relentless push to dominate the world’s largest electric vehicle market has not been hampered by COVID-19 lockdowns, supply chain woes or power shortages.

Now the Chinese brand has Elon Musk’s Tesla in its sights.

Automakers will enter 2023 with record vehicle sales, revenues and profitability, driven by the attractiveness of affordable vehicles in China’s mass market.

BYD is now trying to win over wealthy buyers on the premium end with two luxury brands, competing against Tesla’s pricier cars.

“Two segments that BYD does not have exposure to are the luxury SUV and sports car markets, which we expect BYD to expand in 2023,” said Snow Bull Capital, a US hedge fund focused on environmental technology. Bridget McCarthy, Head of China Operations, said.

“The final growth in 2023 will excite investors as these are the two most profitable automotive segments.”

Yangwang, the first of two new brands, launched in the first quarter and is aimed at wealthy professionals who promise high performance and disruptive technology.

More interestingly, BYD is also touting a new brand “based on a highly professional and personalized identity” to meet the “diverse demands” of its customers.

Beyond that, a little more is said about the brand.

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