Tesla's electric car is in decline, but this Chinese electric car company is making great strides

Technology

Recently, the Tesla company owned by Elon Musk has experienced a significant decline in sales, and many shareholders are debating the separation of Tesla and Elon Musk. However, there is a Chinese company in the electric vehicle world that is more capable than Elon Musk's Tesla, and it has just started.

BYD, the leading EV owner in China based in Shenzhen, won against Tesla in annual sales last year. Last week, it introduced revolutionary battery charging technology that claims to add 250 miles of range in just 5 minutes, compared to Tesla's Superchargers which take 15 minutes to add 200 miles. And last month, BYD launched "God's Eye," a high-level driver assistance system that competes with Tesla's Full Self-Driving feature without additional cost for most of its vehicles.

They are just three examples of how BYD is leading over Tesla. A company that was once pushed out by Elon Musk is now operating Tesla with efficiency in sales, innovation, and price competition.

Having covered its domestic market in China, which is the largest car market in the world, BYD is starting to expand globally, with notable exceptions like the United States where it has effectively been restrained by a 100% tax on its passenger vehicles.

This is everything you need to know about the rise of Chinese EV manufacturers and how they are increasing their global market for clean energy vehicles.

BYD is a Chinese company founded in 1995 by Wang Chuanfu in the large city of Shenzhen. It is the number one car manufacturer in China. It exports electric taxis, sedans, and other vehicles to markets across Europe, South America, Southeast Asia, and Central Asia.

In China, BYD accounted for 32% of total sales of new energy vehicles last year, including plug-in hybrids, surpassing Tesla's market share of 6.1%, according to the China Passenger Car Association. (BYD produces both battery-powered vehicles and plug-in hybrids, while Tesla only produces fully electric vehicles powered by batteries.)