"BYD, the Chinese car manufacturer competing with Tesla to be the world's leader in electric vehicles, has experienced a meteoric rise. Its ascent is of the kind that only seems possible in the technological fairytales so beloved by the leaders of the People's Republic, echoing the country's transition from its humble origins in the Mao Zedong hard times to its global conquest in the 21st century."
"The firm, which was founded in 1994, was originally dedicated to manufacturing rechargeable batteries for electronic devices. At the height of the mobile phone boom, it signed major deals with giants like Nokia. BYD didn't enter the car business until 2003, when it acquired a struggling Chinese state-owned automobile company that had dabbled in the production of missiles and other defense components. In 2005, it manufactured its first car. In 2008, it decided to focus on electric vehicles."
BYD began in 1994 making rechargeable batteries and signed major deals with firms like Nokia during the mobile phone boom. The company entered the car industry in 2003 by acquiring a struggling state-owned automaker and produced its first car in 2005. BYD shifted focus to electric vehicles in 2008 and received a $230 million investment from Berkshire Hathaway that eventually yielded about $7 billion when sold. Recent quarters show profit declines and September sales drops amid intense competition and a price war in Asia. BYD lowered its 2025 sales target from 5.5 million to 4.6 million units but remains China's and the world's leader in new-energy vehicle sales.
Read at english.elpais.com
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