BYD forecasts 80% of new car sales in China will be electric, citing battery tech advances
By
Evelyn Cheng, Matthew Chin
A good honest bake. Not flashy, but you'll finish the whole bagel.
Summary
BYD predicts that 80% of new car sales in China will be electric within the next few years, driven by improved battery technology and fast-charging capabilities. Domestic demand for BYD's EVs is roughly double what the company can currently supply, thanks to their new fast-charging technology that can achieve 70% charge in five minutes. Meanwhile, sales of gas-powered cars in China dropped 39% in May year-over-year, attributed to higher oil prices amid Middle East conflicts. BYD's Li expects the next phase of competition to focus on driver-assist features.
Key quotes
· 3 pulledDomestic demand for BYD's EVs now stands at around double what the company can currently deliver
Sales of gas-powered cars in China plunged by 39% in May from a year ago
Li expects the next phase of competition to likely center on driver-assist features
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