BYD overtakes U.S. maker in electric cars, raising eyebrows

News on May 26, Ford Motor CEO Jim Farley Farley told the Sustainable Finance Summit today that Chinese automakers are Ford's biggest rivals in electric vehicles, not Tesla or General Motors.

Farley believes Chinese companies such as BYD are outperforming large U.S. automakers and startups in electric vehicles, especially in battery chemistry and other emerging technologies. He praised BYD as a Chinese automaker for its success in the development and sales of electric vehicles, especially in the Chinese market and its gradual expansion into the European market.

Based on market forecast service professional research company LMC According to Automotive data, BYD's sales in China increased from 445,000 vehicles in 2015 to nearly 2 million vehicles last year, making it one of the top five automakers in China. This is consistent with the views of many industry experts and investors who are bullish on the future growth prospects of BYD and other Chinese automakers.

Storebrand Asset Management Portfolio Manager Philip Lipman Ripman also believes BYD has a huge market share in electric vehicle and battery production. He pointed out that BYD has made important progress in sodium-ion battery technology, which is expected to replace lithium batteries and may be applied to BYD's more affordable electric vehicles, improving the company's profit margins.

BYD's batteries are considered by Ford CEO Farley to have more advantages when compared to current industry standards for lithium-ion batteries. Ford has reached a cooperation with CATL to build a new factory in Michigan to produce cheaper lithium iron phosphate batteries to replace the more expensive lithium nickel cobalt manganese batteries currently used. The new factory is expected to be operational in 2026 and is expected to employ approximately 2,500 people.

Overall, Ford CEO Farley highly praised BYD’s technology and market position in the field of electric vehicles. He believes Chinese automakers have become Ford's main competitors in electric vehicles and have made major breakthroughs in battery technology. Industry experts and investors are unanimous in their optimism about the future of BYD and other Chinese automakers.

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