Musk has been vocal about his admiration for Chinese EV makers and their work ethic, particularly after Tesla established its first overseas vehicle assembly plant in Shanghai in 2019. When asked earlier this year about Tesla's toughest competitor, Musk cryptically pointed to "some company out of China" without specifying a name. It is likely that he was alluding to prominent Chinese EV manufacturers such as BYD, Nio, and XPeng.
Historically, Musk dismissed BYD as a rival, bursting into laughter when the reporter mentioned it as a potential contender in the EV space. "Have you seen their car?" Musk exclaimed, emphasizing his disbelief in BYD's competitiveness.
Fast forward more than a decade, and Musk's perception of BYD has dramatically evolved. In response to a resurfaced snippet of the 2011 interview shared on Twitter, Musk acknowledged the changing landscape, stating that BYD's cars have become remarkably impressive. He recognized that significant transformations had occurred since his initial assessment, highlighting Tesla's journey from a startup to the world's leading EV manufacturer and the most valuable automaker by market capitalization.
That was many years ago. Their cars are highly competitive these days.
— Elon Musk (@elonmusk) May 27, 2023
Simultaneously, BYD has undergone a notable evolution, transitioning from producing uninspiring vehicles to becoming a frontrunner in China's New Energy Vehicle (NEV) market. The company is rapidly expanding its global presence. Impressively, BYD's cumulative sales of plug-in hybrids (PHEV) and battery-electric vehicles (BEV) surpass those of Tesla. In 2022 alone, BYD sold over 1.85 million plug-in electric cars worldwide, including 946,238 BEVs. While still trailing Tesla, which delivered 1.3 million BEVs last year, BYD's sales figures demonstrate its growing prominence.
Source: Teslarati
