BYD wants to work with Tesla to shift auto industry to EVs

Li is not talking about teaming up with Tesla and co-developing a new vehicle together.

BBYD has been the EV carmaker to beat in recent times. Over the past five years, it has climbed the ladder to establish itself as a major automotive giant. And there’s no denying that Tesla is its biggest rival currently.

However, BYD’s executive vice president, Stella Li, thinks there is scope for both carmakers to come together and join hands and take down internal combustion engine (ICE) cars. During an interview with the Financial Times, she said, “Our common enemy is the internal combustion engine car. We need to work together . . . to make the industry change.”

Li is not talking about teaming up with Tesla and co-developing a new vehicle together. Rather, she believes that EV makers can work together to take the auto industry forward.

She also said that the Chinese car market was the ‘homeland for innovation’ and that the government will support foreign companies looking to expand into China, even amid rising differences with the European Union and the U.S.

The European Union has slapped tariffs on BYD and other Chinese EV makers and is pushing for Chinese companies to transfer intellectual property to European businesses in exchange for subsidies. On the other hand, the Chinese government is actively encouraging local companies to limit their investments in foreign manufacturers.

The European Commission says that China’s growth in the European market is due to a range of subsidies throughout the production process. These include discounted lithium and battery supplies from state-owned enterprises, tax breaks, favourable financing from state-controlled banks, and even cheap land to build factories. Despite these issues, BYD is pushing its plans for factories in Hungary and Turkey.

Li said she wasn’t worried about being shut out of the U.S. market either. BYD seems to have the confidence to grow further and beat the internal combustion engine sooner or later.

Source: Carscoops