Why these two countries could be key to BYD’s global domination
CNN
BYD, the Chinese carmaker backed by Warren Buffett, has just surpassed Tesla as the world’s largest seller of electric vehicles. Now, to maintain its momentum, the company will need to chart new roads to success after conquering its home market.
More than 5,000 electric vehicles were loaded onto a giant shipping carrier in China this week and sent to ports in Europe. The cars come from BYD, the Chinese carmaker that is backed by Warren Buffett and has surpassed Tesla as the world’s biggest seller of electric vehicles (EVs). The automaker enlisted the massive vessel, dubbed “BYD Explorer No. 1,” to ferry its exports from the southern Chinese city of Shenzhen to Germany and the Netherlands on its maiden voyage, according to Chinese state news agency Xinhua. It’s a striking visual example of the growing heft of BYD, which has conquered its home market but now needs to navigate new roads to maintain its momentum. To do so, two countries will be crucial: Hungary and Mexico. While neither is a vast car market, they could serve as gateways to Europe and North America, bolstering the company’s quest to truly become a global household name. BYD has started making inroads in both places. In December, it pledged to open a factory in Hungary, which will be its first production plant for passenger cars in Europe. Prime Minister Viktor Orbán’s government has said it is one of the largest investments in the country’s history, and will create thousands of jobs in the southern city of Szeged.
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