How BYD grew from a battery maker to EV juggernaut, overtaking Tesla [Video]

In the U.S., Tesla may be at the forefront of the electric vehicle revolution, but abroad, the carmaker has some serious competition. In China, the world’s largest EV market, Tesla has been losing ground to domestic automakers who are increasingly building better cars at unbeatable prices, and chief among them is Warren Buffet-backed BYD.

In the fourth quarter of 2023, BYD dethroned Tesla as the world’s top EV maker, selling more battery-powered vehicles than its U.S. rival.

“BYD has grown into this powerhouse in the new energy vehicle industry,” CNBC’s Beijing correspondent Evelyn Cheng said. “When you look at the monthly rankings, they’re always at the top.”

Founded by Wang Chuanfu, BYD started making batteries for mobile phones back in the 1990s. By 2003, the company had pivoted to autos and has since become the top car brand in China, as well as a major producer of EV batteries.

“They are one of …