However, the lack of car-carrier ships internationally has been a hurdle for the company. High costs and technological challenges in making ships greener have led to a rise in costs to hire a ship that can transport Chinese EVs abroad. To overcome this, BYD and other Chinese companies like SAIC Motor are building, chartering, and managing their own fleets of ships. Despite the promising future, the article warns that building and maintaining these massive ships could be risky and expensive if their car sales don't keep up.
Key takeaways:
- Chinese electric-vehicle maker BYD is starting a sea freight business to transport its cars from factories in China to sell in Europe, South America, and other markets.
- BYD sold 3 million electric cars and plug-in hybrid models in 2023, up from 1.8 million in 2022, becoming the world’s top-selling EV company in the fourth quarter of 2023.
- The lack of car-carrier ships internationally has been a major obstacle for Chinese EV companies, leading to companies like BYD and SAIC Motor building, chartering, and managing their own fleets of ships.
- Despite the promising future, building and maintaining these massive ships is a risky, expensive business if their car sales don’t keep up, as evidenced by the cautionary tale of Chinese car company Chery.