One of the next frontiers of battery tech is sodium-ion batteries, which can cost less, work in more extreme weather, and recharge more quickly. BYD will reportedly start selling cars equipped with them by the end of 2023, and the company has announced a new factory to scale up the production of sodium-ion batteries.
BYD is also expanding its production capacity overseas, starting with a car factory in Thailand and another in Brazil that are expected to be built by 2024. One or more factories in Europe are also under discussion and could be announced before the end of this year.
Having sold its consumer EV models in the European market since 2019, BYD has set ambitious goals for 2030: to sell 800,000 cars in Europe annually, reach 10% of the market share, and become one of the top three EV brands in the region.
But to succeed in Western markets, BYD needs to overcome the unfavorable reputation of made-in-China products. The company needs to score higher in safety tests, offer better exterior and interior designs, and show that its cars are reliable. BYD also faces geopolitical challenges—including intensifying tensions around battery materials and technologies, and the lack of EV charging infrastructure across the world.
Explore the 2023 list of 15 Climate Tech Companies to Watch.
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