TechCrunch Summary (2023-06-15 02AM)

Source: BYD is overtaking Tesla, but its EV dream skips the US for now

Summary
BYD, a Chinese electric vehicle manufacturer, has surpassed Tesla’s first-quarter sales with 547,917 EVs delivered in Q1 2023. However, the company has left the US out of its global roadmap and claimed that the US market is not under consideration. The company currently exports its cars to several countries such as the UK, Germany, Mexico, and Norway.

Facts

🚗 BYD delivered over 547,917 passenger EVs in Q1 2023, including hybrids.

🌍 The company has been making inroads into foreign markets, exporting vehicles to countries such as Singapore, Thailand, UAE, and Japan.

🇺🇸 The U.S. market is not currently under BYD’s consideration due to rising US-China trade tensions.

💰BYD’s low-cost EV models attract price-sensitive customers, prompting the company to be called the Toyota of the EV era.

🔋BYD is one of the world’s biggest manufacturers of lithium batteries and supplies them to its own competitors, including Tesla.

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