The automotive industry is experiencing a significant shift, with some of the world’s most valuable car brands struggling and employees going on strike. Despite this, a Chinese automaker, BYD, is rising to the top and is on pace to surpass Ford in global sales by the end of 2024. BYD, which translates to “Build Your Dreams,” has sold over 3.25 million vehicles globally, with a goal of reaching over 4 million units by the end of 2024. The company’s success is attributed to its cost-efficient production model, vast product lineup, and strong domestic demand in China. BYD’s plug-in hybrid models have been particularly popular, with over 500,000 units sold in October alone. The company’s aggressive global strategy and vertically integrated supply chain enable it to deliver vehicles at lower costs. As a result, BYD is giving Tesla a run for its money and posing a significant challenge to legacy automakers like Ford, Nissan, and General Motors. The rise of Chinese automakers like BYD is a game-changer for the industry, forcing legacy brands to adapt to the changing market.
Source: https://www.hotcars.com/chinese-car-brand-topple-ford/