BYD Auto is part of a wave of Chinese electric car exporters that are starting to compete with Western and Japanese brands in their home markets. They bring fast-developing technology and low prices that Tesla's chief financial officer says “are scary.”
that Tesla Inc.'s chief financial officer says “are scary.”
“We are very confident the ES6 will compete in this premium SUV market,” NIO’s founder and CEO, William Li, said in an interview at the Shanghai auto show.China almost doubled last year to 6.9 million vehiclesThat was supported by multibillion-dollar subsidies from the ruling Communist Party, which is trying to make China a creator of clean energy and other technologies. That rattles U.S. and European leaders who see China as a strategic and industrial competitor.
CEO Carlos Tavares of Stellantis, the parent company of Chrysler, Peugeot and FIAT, warned in January that Europe needs a strategy to compete with China's lower prices. European-made electrics cost 40% more than Chinese models, according to Tavares. BYD Auto has been in the U.S. market for a decade selling battery-powered transit buses assembled at a factory northeast of Los Angeles. It is “still in the process” of deciding whether to sell SUVs and sedans to Americans, the company said in a written response to questions.
In Japan, BYD Auto plans to have 100 showrooms by the end of 2025. Its Dolphin hatchback and Seal sedan are due to hit the Japanese market this year. The company says it also has exported some 4,000 ATTO 3s to Australia.
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