The Latest Example of BYD Becoming No. 1 Globally Isn't a Joke
Many investors raised their eyebrows in skepticism when BYD said it could catch top-selling global automaker Toyota in volume, but its market share gains in Europe are impressive.
Overview
At first, Chinese automakers were the butt of a joke by well-known Tesla CEO Elon Musk. Then Chinese autos became a real concern, and their rapid development and expansion became a hushed secret.
Now it's an industry consensus: Chinese automakers such as BYD (OTC: BYDDY) are a serious threat to automakers globally, forcing the U.S. to quickly slap on massive tariffs to prevent, for now, their entry into the U.S. market. Similarly, many scoffed at BYD's bold claim that it would catch Toyota Motor in global sales volume by the end of 2030 -- an achievement that would require more than doubling its current global sales volume.
Details
But this is no longer a joke, and more data just came out overseas that emphasizes just how rapidly markets are changing. So is it time for investors to scoop up shares of the Chinese auto giant?
Source
Originally published at www.fool.com.