BYD on Tuesday unseated Volkswagen and became the world’s third-biggest automaker by market capitalization.
The milestone came at the same time when the Chinese automaker also announced plans to supply batteries to Tesla.
This is an unprecedented high for BYD, reflecting investors’ excitement around the Chinese automaker’s potential to be a dominant force as the auto industry makes the transition to EVs.
BYD took over the third spot from Volkswagen (market cap of $117.5 billion). BYD’s market cap is only a little over half of Toyota, the second place with $228.4 billion.
Tesla ranks first with a market cap of $742.5 billion.
BYD’s market capitalization as of Tuesday was $128.8 billion
BYD is among the biggest winners in China’s decade-long push into green energy vehicles and has maintained strong momentum despite coronavirus outbreaks and lockdowns.
The company made sales of 507,314 vehicles for the first five months of 2022, up 348% compared with a year earlier.
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