BYD, Tesla's Biggest Competitor, Is Planning to Take Over Europe
BYD surpassed Tesla in global battery-electric vehicle sales this year. Will it manage the same in Europe?
Written by Andrew Koole
Reviewed by Serena Aburahma
Tesla has been king of the global EV castle for a long time now, but the competition is getting much stiffer, especially in China.
The country’s auto giant BYD pushed ahead of Elon Musk’s brand in the first six months of 2022, with hybrid and
electric car
sales surging passed Tesla globally. Now the brand has Europe in its sights, with three electric models headed west. Could they overtake Tesla there as well?
Jerry
, your car insurance super app, took a closer look at the situation to find out.BYD’s battle plan against Tesla
Since its founding in 1995, BYD has mostly been an Asian affair. But that hasn’t stopped the Warren Buffett-backed company from becoming a huge force in the auto industry, especially as it has transitioned into building electric vehicles.
With its hold on China, the largest EV market in the world, it managed to outdo Tesla in global electrified vehicle sales without even venturing into other regions. That success is motivating them to venture west into Europe for the first time.
Investor’s Business Daily
says three BYD-badged EVs will be sold across the EU—the Atto 3, Tang SUVs, and the Han, a luxury sedan. The Atto 3 will be the affordable option, starting at 38,000 euros ($37,200), while the MSRPs of the other two will be closer to 72,000 euros. BYD isn’t alone, either. Other
Chinese automakers
like Nio and Geely also have plans to compete in the European market. But Tesla isn’t the only EV maker they’ll have to contend with. Let Jerry find your price in only 45 seconds
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Tesla only one of many fish for BYD to fry in Europe
Tesla has done a lot to make its presence known in Europe, and in many ways, it’s paid off. With the help of the new
Gigafactory
in Berlin, Germany, and the best-selling Model 3, the U.S. brand is a household name across the continent. But that hasn’t exactly put Tesla on top. Despite making the most popular EV in Europe, its small lineup and lack of hybrids put the company well behind legacy automaker Volkswagen in battery-electric vehicle registrations, according to
Best-Selling Cars
.The introduction of BYD and other Chinese brands will make the growing EV market even more competitive, but Tesla and VW won’t be the only obstacles to domination in Europe.
Energy price hikes brought on by
war in Ukraine
have the continent on the brink of recession. The pressure on consumer finances could slow EV sales for all automakers.MORE: Is Nio 1 of Tesla's Biggest Competitors?
Will BYD head to the U.S., too?
As the second-largest EV market in the world and the fastest growing, Europe holds a lot of potential for BYD. Any move toward the U.S., on the other hand, will prove more difficult.
Firstly, the U.S. government is much more hostile toward Chinese imports than European countries. Its vehicle safety regulations are also more challenging, and its consumers more resistant to the shift toward electric vehicles.
So far, BYD hasn’t announced any plans to give the U.S. market the old college try. But if you’re looking to buy an EV, there are plenty of brands and models to choose from, and you can find affordable car insurance for any of them by shopping with Jerry.
A licensed broker that offers end-to-end support, the Jerry app gathers affordable quotes, helps you switch plans, and can even help you cancel your old policy.
MORE: Why China’s Shanghai Supply Chain Issues Are Just Beginning
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