BYD wants to boost its Australian sales from 12,400 in 2023 to more than 20,000 this year.
👉 Background: BYD initially sold electric batteries of all kinds, until eventually focusing on electric vehicles. Since then, it has won financial backing from Warren Buffett's Berkshire Hathaway. It has also received a total of $2.6 billion in funding from the Chinese government.
👉 What happened: In the December quarter last year, BYD outsold Tesla globally. And in Australia, BYD beat Tesla for sales too.
👉 What else: Now, BYD wants to boost its Australian sales from 12,400 in 2023 to more than 20,000 this year. And, this growth will largely be supported by The Australian government.
💡Government support can lead to industry tailwinds, and specifically, it can help offshore companies to thrive.
💡The Albanese government announced plans to require car makers to reduce emissions across new vehicles by more than 60 per cent—which has to be done by 2030. And not only are these changes intended to be carbon-positive, but they will also boost sales of more fuel-efficient and electric cars.
💡Given the rise in demand for electric cars, full battery electric cars made up over 7 per cent of new cars sold in Australia in 2023. In 2022, that number was just 3.1 per cent—and that shows big growth.
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