this post was submitted on 02 Jan 2024
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This is the best summary I could come up with:
The Chinese company sold a record number of cars last year, including 525,409 battery electric vehicles (BEVs) in the three-month period to December 31, according to a stock exchange filing.
The rapid growth of BYD, which is backed by Warren Buffett, is a symbol of China’s rising EV industry.
Miao Wei, former minister of China’s Ministry of Industry and Information Technology, said at a car forum in November that the government’s NEV penetration target of 50% by 2035 is likely to be achieved by 2025 or 2026 at the latest, according to state media.
China’s leading role in the global industry is also thanks to its market scale, cheap labor and supply chain dominance, according to analysts.
Its first mover advantage and government support through infrastructure investment and subsidies have made it easy for Chinese EV makers to expand domestically and internationally, they said.
To offset the slowing domestic market, Chinese car makers have been seeking growth outside the mainland by expanding in Europe, Australia and Southeast Asia.
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