Last year marked a major milestone for Chinese automaker BYD, as it overtook Tesla for the first time to claim the top spot as the world’s largest electric vehicle producer. A big win for BYD’s founder Wang Chuanfu—and a tough blow for Elon Musk.

How BYD Dethroned Tesla in the EV Market

Since 2020, China has made an astonishing leap—going from being a net car importer to becoming the world’s top vehicle exporter. With the recent addition of the BYD Seal (an electric vehicle priced under $30,000) to the UBS EV Teardown series, we’re taking a closer look at this latest-generation model from China’s leading automaker. The goal? To get a better grasp on BYD’s technology, supply chains, and cost strategies.

Why is this important right now? Because BYD and other major Chinese manufacturers are on track to take over the global auto industry with affordable, high-tech EVs built for everyday drivers. Their rise is pushing the shift to electric vehicles forward—at a time when traditional automakers are still easing into the transition. On top of that, China’s tougher economic climate might push the most financially stable Chinese carmakers to double down on expanding overseas.

Short for “Build Your Dreams,” BYD now boasts a valuation of over $100 billion, edging past Tesla, which was sitting at around $97.7 billion.

The company got its start back in 1995 in Shenzhen, originally named Yadi Electronics. Wang Chuanfu launched it with the goal of producing phone batteries, using nearly $1 million loaned by a relative to get things rolling

BYD in Colombo: 

BYD passenger vehicles are available in Sri Lanka through John Keells CG Auto, the authorized distributor for BYD passenger vehicles. This allows Sri Lankans to experience BYD’s cutting-edge technology and contribute to a cleaner, smarter future.