When it comes to global electric vehicle dominance, BYD Co (OTC:BYDDY)(OTC:BYDDF) has surpassed the previous lead of Tesla Inc (NASDAQ:TSLA) in many markets, including overall EV unit sales in 2024. BYD now has its eyes set on disrupting another Tesla market.
What Happened: BYD has passed Tesla in EV unit sales, revenue and many other milestones. A recent report shows that the Chinese EV giant could be looking to get into one of Tesla's fastest growing sectors.
BYD recently unveiled the HaoHan, an energy storage solution that could rival Tesla's Megapack, according to Electrek. The HaoHan solution has 14.5 MWh of capacity. That’s almost triple the 5 MWh of the Megapack 3, which Tesla unveiled earlier this month.
BYD’s HaoHan system can provide a "70% reduction in maintenance cost" and a "70% reduction in system failure." The company states that HaoHan can also reduce energy costs by 21.7%.
The Chinese company uses its proprietary 2,710 Ah Blade Battery cell for the HaoHan system.
BYD says its new system has the highest volume ratio of cell to system in the world.
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Why It's Important: Energy has been one of Tesla’s fastest-growing segments. Its Megapack and Powerwall products are seeing strong demand and increased capacity in recent quarters.
According to the report, BYD has already landed orders for its HaoHan system, including a 12.5 GWh project in Saudi Arabia. That energy figure would be around the total amount of Tesla's quarterly energy storage deployed according to the report.
BYD has been aggressive with its EV expansion in Europe and other parts of the world after dominating in China. The company could look to expand its energy storage solutions in regions where Tesla already operates and look to take market share.
As Tesla faces pressure on vehicle demand in parts of the world, BYD's entry into the energy storage sector is likely one of the last things the company needs.
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