Influencers on X highlight BYD rapid ascent in EV market poses challenge to Tesla, finds GlobalData

The rise of BYD Co. Ltd. in the electric vehicle (EV) market is causing a significant stir, with experts and influencers on “X” acknowledging its potential to challenge Tesla, Inc.

BYD's impressive Q3 2023 deliveries, boasting a 22% increase from the previous quarter, are indicative of its growing influence. Influencers highlight BYD's cost advantage, diverse product range, and international expansion strategy, positioning it as a formidable competitor to Tesla, according to GlobalData, a leading data and analytics company.

An analysis of the Social Media Analytics Platform of GlobalData reveals a rise in influencer discussions on “X” around “BYD”, in the first week of October 2023.

Smitarani Tripathy, Social Media Analyst at GlobalData, comments: “Influencers are bullish on BYD’s prospects, viewing it as a potent contender against Tesla in the EV arena. BYD’s surging sales of battery electric vehicles (BEVs) are on the cusp of surpassing Tesla’s, with a narrow 4,000-car gap evident in Q3 2023. Key influencers spotlight BYD’s strategic initiatives to challenge Tesla, underscoring its cost efficiency and an extensive product portfolio that enables effective competition across diverse EV market segments. Additionally, they commend BYD’s global expansion strategy, poised to fuel sales growth and bolster its international competitiveness.”

Below are a few popular influencer opinions captured by GlobalData’s Social Media Analytics Platform:

  1. Jonathan Cheng, China Bureau Chief at The Wall Street Journal:

“Celebrating BYD's five millionth EV in August, Wang said it took 13 years to produce one million vehicles, a year and a half to produce a further two million and then just nine months for the latest two million. “The era of Chinese automobiles has come.”

  1. Joe Lowry, Founder of Global Lithium LLC:

“Threat? @BYD has already eclipsed @Tesla as a global auto power. My first visit to a BYD battery plant was 23 years ago. They have come a long way. $TSLA can’t compete yet on lower priced EVs.”

  1. Rodney Hooper, Partner at RK Equity:

“BYD is on track to sell roughly 3M passenger EVs in 2023. Of interest is the Bloomberg chart showing BYD sold almost as many pure BEVs as @Tesla in Q3. They deploy less GWh of installed batteries for now but are likely to capture significant market share in developing countries where price is everything.”

  1. Jaan Juurikas, Founder of the EV Universe:

“BYD is catching up with Tesla on all-electric sales. Q3 BEV deliveries: Tesla 435,059 BYD 431,603…”

  1. Rebecca Choong Wilkins, Journalist at Bloomberg:

“Electric Sales. China's best-selling car brand BYD is poised to topple Tesla as the world’s biggest seller of electric vehicles. There's a gap of just 3,456 cars between them.”

      6.Taylor Ogan, CEO at Snow Bull Capital:

“BYD is now the 4th largest automaker in the world; its growth will be in history books. Meanwhile, Tesla will sell fewer cars this quarter than the previous quarter. Everyone who failed to see this needs to completely reevaluate their research approach, because it was obvious.”