Chinese companies have no plans to enter the US passenger car market.
Chinese automaker BYD Co. has no immediate plans to enter the American passenger car market and face off against Tesla Inc.
According to Wang Chuanfu, the creator of the company, the domestic market in China has reached a point of complete expansion for new energy vehicles.
BYD, Backed by Warren Buffett, Expands Overseas
BYD is growing its international footprint with the help of Warren Buffett, including Norway, Denmark, the UK, Thailand, and Australia.
In Chuangfu’s opinion, the global automobile industry will change as a result of the development of clean-energy vehicles.
About 30% of all new energy vehicle sales in China are attributable to the company, of which 50% are battery-only electric cars.
BYD sold 1.86 million electric and plug-in hybrid cars in 2022, while Tesla shipped 1.31 million cars globally.