Why BYD Is Leading The Charge In The Electric Vehicle Market

Why BYD Is Leading The Charge In The Electric Vehicle Market

2024 was a pivotal year for the BYD brand, even if it had already surpassed Tesla’s electric vehicle (EV) sales the previous year. The final quarter of 2023 saw BYD overtake the Tesla behemoth for the first time, selling 526,000 fully electric vehicles across the world. But the month of August 2024 saw the Chinese tech giant enjoy more than double the market share of their closest competitor, still Tesla. Last August, BYD had 355,000 new registrations globally, which was a 24.2% market share. Tesla slumped to just over 150,000 sales, and no one else was anywhere near. Truly, BYD had cleaned up.

From its Shenzhen headquarters in China, BYD – which stands for Build Your Dreams – has transformed the EV industry and pushed the boundaries of what is possible. Founded in 1995, it has become a global leader in IT, automobiles and new energy tech. But it didn’t even start its auto division until 2003, and yet it has surged ahead of Elon Musk’s Tesla brand with an astonishingly rapid development of EV technology.

How BYD has become the market leader in EV driving

BYD owes its success to what it calls its “vertical integration strategy”, which, to you or I, essentially means they make their own components. BYD has an expertise in rechargeable batteries, which it lends to various industry technologies, but which gives it a competitive edge in the EV market. Indeed, BYD excels by manufacturing the three main components of an EV, the battery, the motor and the electronic controls. This gives BYD a low cost structure and more control over its supply chain. Making its own batteries, screens, capacitors and circuit boards, means the brand has full, in-house expertise and intellectual property of almost the entire manufacturing process.

While this enables BYD to cost their vehicles competitively, they are still able to make EVs using premium materials with excellent durability. Plus, the green credentials and in-car tech of their EV range now surpasses anything Tesla can offer. At the end of 2024, BYD had 11 models in the Top 20 best selling cars in China. The Song, a mid-sized SUV, was the best-selling in China itself, the largest EV market in the world, while the Seagull was BYD’s best-selling EV globally.

Choose a BYD for your business leasing deal

BYD also excels in being able to offer the full range of EVs to every market sector, from spacious, family-friendly SUVs to premium saloon cars, and all with 5-Star NCAP safety ratings. This makes it an ideal brand for fleets with varying vehicle needs. The Seal, for example, offers an impressive 354-mile range, while the Dolphin is a mid-sized hatchback with a 323-mile range, and which can also offer 0-62mph acceleration in 3.8 seconds. Meanwhile, the Atto 3 SUV is a fast-charging EV with a 261-mile range.

As a business leasing vehicle, the BYD brand has managed to keep everything affordable, and they suit business leasing due to the flexible leasing packages, along with the excellent range achievable and the powerful performance. So check out our BYD leasing deals at Pink Car Leasing and you too can join the BYD revolution. As the new industry leader, there is an exciting future ahead for BYD, and as the other dominant force in the EV sector, it will be interesting to see how Tesla responds in the next couple of years. Certainly, it is a great time to make the switch to EV leasing, as vehicles in this sector take motoring to a whole new level, and undoubtedly, BYD is leading the charge.