The Tesla brand has associations of sleek audacity. To most Westerners, BYD and BAIC might as well be manufacturers of dreary industrial components. But the two electric car makers are big news in China. BYD sold more vehicles than Elon Musk’s company last year.
The Chinese duo, listed in Hong Kong and Shenzhen, are charged up for growth. The authorities are tipped to dole out subsidies for electric car buyers and relax limits on licences in big cities. Expect a fresh wave of sales in the world’s biggest market.
The context is unelectrifying. Car sales in China have slowed for nine straight months through March. In the first quarter alone, sales fell more than a tenth. Consumer confidence has been dented by a trade war, lower home prices and costlier petrol.