One of Tesla’s electric vehicle rivals plans to bring the most affordable model to the market.
Elon Musk’s leading electric vehicle company Tesla has been the most dominant EV maker in the world in recent years.
However, factory closures as a result of the covid pandemic slowed down Tesla’s deliveries.
It could recover to overtake BYD if its factories can remain open and continue producing vehicles.
Competitors to the Austin, Texas based EV maker are far behind with General Motors delivering fewer than 25,000 EVs in 2021 and just over 7,600 so far in 2022.
The major automakers are however looking to ramp up production and deliveries over the next few years.
They aim to offer more variety of models to the market to attract more buyers.
The top criticisms of the EV industry have been the lack of availability of charging stations and the high cost of vehicles.
Today, lower- and middle-income earners are not likely able to afford most EVs on the market.