BYD's Expansion and Market Position in the Electric Vehicle Sector

BYD is actively considering expanding its international footprint by exploring the establishment of an electric vehicle (EV) plant in Jalisco, Mexico, which could mirror its $600 million investment in Brazil This development comes as the company shows intense competition with industry leader Tesla, who is also setting up a Gigafactory in Nuevo Leon state for advanced vehicle production Analysts project that BYD might surpass Tesla in battery electric vehicle (BEV) sales by 2024, backed by statistics showing Tesla currently holding a 19.9% market share with BYD trailing closely at 17.1%. Additionally, BYD was acknowledged as the leading EV producer in 2022 when considering all EV categories, not just BEVs Separately, concerns are being raised within the EV industry about the surging demand for essential minerals such as lithium and cobalt, which are crucial for EV batteries The industry faces the dual challenge of ensuring the sustainable and ethical procurement of these resources and the imperative to innovate alternative battery technologies to mitigate dependency on these critical materials..