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The passing of the EV sales crown also reflects the shift in competitive dynamics between Tesla's Elon Musk, the world's richest executive, and BYD's billionaire founder Wang Chuanfu.
Elon Musk's Tesla is poised to lose its top spot at world leader in electric vehicles to a lesser-known competitor in China, BYD Co.
Wang Chuanfu is no Elon Musk — he eschews social media and largely steers clear of the limelight. But in an uncharacteristically brash address delivered weeks before the European Union opened an investigation into how China has subsidised its EV industry, Wang declared the time had come for Chinese brands to “demolish the old legends” of the auto world.
The automaker is poised to surpass Tesla Inc. as the new worldwide leader in fully electric vehicle sales.
Analysts expect BYD to launch its third-generation EVs next year offering more technology