• Heated competition for China’s electric car market will likely last two to three years, Yunfei Li, general manager of branding and public relations at BYD, told reporters Monday.
• “Tesla is our very respected industry peer. It is also our client,” Li said in Mandarin, translated by CNBC.
• Separately on Monday, BYD said in a filing with the Shenzhen Stock Exchange that profit last year likely rose by at least 74% to a range of 29 billion yuan to 31 billion yuan ($4.09 billion to $4.37 billion).

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Competition for China’s electric car market will continue to heat up in the next two to three years, according BYD , which claimed it wants to work with Tesla to grow the market.

Chinese battery and electric car maker BYD has grown rapidly in recent years, with total vehicle production in 2023 surpassing that of Elon Musk’s Tesla.

Fierce competition in China’s electric car market in the last two years has resulted in the lowest prices for the vehicles globally, Yunfei Li, general manager of branding and public relations at BYD, told reporters Monday.

“I think this is an inevitable process, but it may take another two to three years,” he said in Mandarin, translated by CNBC. “In the end, many brands that aren’t able to compete in the market will be eliminated.”