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Investing.com-- Chinese electric vehicle giant BYD (HK:1211) pledged to work with rival Tesla Inc (NASDAQ:TSLA) to combat petrol cars, the company’s executive vice-president Stella Li said in an interview with the Financial Times.
Li said BYD and Tesla shared a common enemy in internal combustion engines cars, and that they needed to cooperate to change the industry.
Still, Li’s comments came as BYD and Tesla compete to become the world’s biggest EV manufacturers. The Chinese company was seen overtaking Tesla in recent months, as it clocked quarters of record sales, compared to a sales decline for Tesla.
The two companies compete chiefly in China, the world’s biggest EV market. But they are also set to clash in Europe, with BYD having flagged plans for rapid sales growth in the region with a host of new models. BYD is also planning to open manufacturing plants in the region to offset increased trade tariffs.
Tesla, on the other hand, saw its Europe sales nearly halve in January, amid slowing demand for an aging lineup of cars. Brand issues associated with CEO Elon Musk were also seen alienating some customers.
BYD- which is backed by Warren Buffett’s Berkshire Hathaway (NYSE:BRKa), is also vying to compete with Tesla in autonomous vehicles, having last month unveiled a host of smart driving functions through its “God’s Eye” technology. The features will be available on several low-cost BYD EVs, presenting stiff competition for Tesla’s efforts in the autonomous vehicle market.