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Chinese EV maker BYD sales soar, cementing lead in worlds largest car market
The results underscore BYD’s growth in China as US rival Tesla has declined, driven by younger car buyers who increasingly turning to cheaper, local brands.
Chinese carmaker BYD surpassed $100 billion in sales last year, beating rival Tesla and cementing the Shenzen-based company’s lead in China, the world’s largest car market. BYD, meanwhile, commands almost 15% of the market, driven by younger generations increasingly choosing cheaper, Chinese brands over foreign-made cars. The earnings report comes just a week after BYD unveiled a new flash-charging system capable of giving its latest EVs enough battery to last about 250 miles within as little as five minutes.
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