BYD Dethrones Volkswagen as China's Best-Selling Car Brand

BYD, backed by Warren Buffett, surpassed Volkswagen in Q1 sales, selling 13,000 more units. This highlights the growing influence of Chinese EV makers as they offer affordable models. Despite price cuts from competitors, BYD's sales in Hong Kong have exceeded expectations, with a target of 8,000 units. Globally, BYD sold 550,000 cars from January to March, more than all UK passenger vehicle registrations. The company aims to sell up to 3.7 million vehicles in 2023, focusing on expanding in Europe, Latin America, and Asia.

What factors are contributing to the growth of BYD in the electric vehicle market?

What are the projected vehicle sales for BYD this year according to Bloomberg Intelligence?