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BYD will surpass Tesla in 2023. Inexpensive electric vehicles will help with this.

In the past 2021, sales of cars on new energy sources in China alone amounted to about 3 million units. Analysts estimate that in 2022, new-energy vehicle sales in this country will reach 5 million units. The market is growing rapidly, with more and more new companies appearing, and old companies changing their direction of development.

Many are sure that Tesla will always be the leader of the new market, but some experts believe that very soon there will be a new leader in the market in the person of BYD. “In 2023, BYD will overtake Tesla in terms of sales,” Citibank predicted.

Citibank estimates that BYD’s electric vehicle sales will surpass 1.3 million vehicles in 2022, with the target price for BYD’s shares being raised to $ 79. Today, the company’s shares were trading at around $ 40, with a total market value of around $ 108 billion. At the same time, Tesla is worth more than $ 1.1 trillion.

Citibank said that in the face of future market competition, new energy vehicles with a price tag of less than $ 18,000 will quickly take over the market. Tesla has yet to hit that price range, and BYD is much closer to that target. That being said, no other competitors can beat BYD.

Previously, BYD founder Wang Chuanfu stated that the company intends to be number one in the world by 2025.

The company regularly releases new models of electric vehicles, as we have reported. literally in the previous note.

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