Chinese BYD, which Elon Musk laughed at, will soon overtake Tesla in the electric vehicle market

Chinese car company BYD, once ridiculed by Elon Musk, is poised to overtake Tesla to become the world leader in electric vehicles. This will mark a symbolic turning point in the electric car market and a confirmation of China’s growing influence in the global auto industry.

BYD, which positions itself as the largest automobile brand, has already overtaken Tesla in the Chinese domestic market.

The company offers several mass-produced models that cost significantly less than the cheapest Tesla Model 3 in China. This was made possible thanks to the company’s strategy of accessibility and innovation.

BYD, founded by billionaire Wang Chuanfu, started out as a battery manufacturer and has evolved into a full-fledged automaker over the years.

The company produces its own batteries, which gives it a unique opportunity to receive government incentives and subsidies. In 2008, Warren Buffett’s Berkshire Hathaway acquired almost 10% of BYD’s shares, significantly increasing the value of the investment.