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With help from Warren Buffett backing Chinese EV Car Company BYD, BYD Surges past Tesla, becomes worlds largest EV car company. BYD’s goal is to boost the proportion of vehicles equipped with smart driving systems, currently at 57%, and plans to unveil more than 10 LiDAR-equipped models in 2024. Why It Matters: BYD last year outpaced Tesla in global EV sales. Tesla supporters assert that BYD’s sales are limited to low-priced battery EVs in China and that the company has yet to prove itself in Europe or North America. However, BYD’s new strategy could potentially change this narrative. As Tesla faces a challenging year for its auto business, BYD’s announcement could be a strategic move to solidify its status in the EV market. As noted by Morgan Stanley analyst Adam Jonas, Tesla is both an auto and AI company — a view that even its CEO, Elon Musk, espouses as the EV giant’s business segments extend to in-house supercomputers, autonomous driving, and robotics. Article Source: https://www.nasdaq.com/articles/warren-buffett-backed-byd-has-already-surged-past-tesla-in-sales-now-it-has-a-$14b-game# Photo by Michael Förtsch on Unsplash Legal Disclaimer: INFYNIT is providing the content here for educational purposes only. All opinions are of the original author and not an opinion of INFYNIT or any of its affiliates.