Chinese electric car company BYD to overtake Tesla

Elon Musk once mocked the idea that China’s BYD could compete with Tesla. Now, the automaker run by billionaire Wang Quanfu is preparing to become the new No. 1 company in the field of electric cars.

According to Bloomberg, BYD itself is the largest car brand, and the Chinese company is preparing to surpass Tesla, as the new global specialist in sales of fully electric cars. When that happens – likely soon – it will mark a symbolic turning point for the electric vehicle market and further confirmation of China’s growing influence in the global auto industry.

BYD plans to build its first European car factory in Hungary, to reward Prime Minister Viktor Orbán for years of courting China for investment.

BYD said that the factory, located in the southern city of Szeged, will produce electric and hybrid cars for the European market and will create thousands of job opportunities.

This investment comes a few months after Brussels announced an investigation into government support for Chinese electric car manufacturers, and may help BYD avoid any resulting pressures.