Warren Buffet-backed BYD dethroned Tesla in the fourth quarter of 2023 as the world’s top EV maker, selling more battery-powered vehicles than its U.S. rival. BYD was founded by Wang Chuanfu and started making batteries for mobile phones in the 1990s. By 2003, it pivoted to autos and now has become the top car brand in China, as well as a major producer of batteries for electric vehicles. It’s now aggressively expanding globally, exporting over 240,000 cars across 70 countries last year. Elon Musk said in Tesla's Q4 earnings call that Chinese automakers will "demolish most other car companies in the world" unless regulators step in. With sights set on North America, BYD could try entering the U.S., but faces government opposition. CNBC explores whether BYD can sustain its relentless growth and what's next for this EV juggernaut. Chapters: 00:00 - 02:29 Title card - The rise of BYD 02:30 Chapter 1 - Early days 07:39 Chapter 2 - Vehicles 10:41 Chapter 3 - Expansion outside China Produced and Edited by: Andrew Evers Supervising Producer: Jeniece Pettitt Animation: Christina Locopo Narration: Robert Ferris Additional Footage: Tesla, BYD, Getty Images
Joining me now is John Castamatidis. He owns those Grestiti supermarkets in New York City.
John, OK, you're putting barcodes on ice cream, you've got security at your stores.
Is it working? Is shoplifting down at your stores?
It isn't barcodes, but it's a special code.
And shoplifting of Haagen-Dazs ice cream is down 90% the last two weeks.
And what happens is Haagen-Dazs is liquid assets.
You've got to sell it within three blocks of the store, otherwise it melts.
And the other thing, with the laundromat, they go to the local laundromat in the neighborhood,
and they sell them the tight soap, and they sell them the soap that's available.
Like I said to everyone, Stuart, it's not about—it's about professional shoplifting.
If people came in and they were hungry, we never got them arrested
for being hungry and buying a can of tuna and a can of bread.
But professional shoplifters that are wiping out the stores in New York,
wiping out the drug stores—we have taken a position where we defend our stores.
All the big corporate stores around the country,
they fire their employees that defend their stores. I mean, I can't understand it.
I would short those stocks, my personal opinion.
At the top of the hour, I was saying, look, I think New York is in serious decline.
The judicial system has become a joke. The migrants are everywhere. There's crime,
shoplifting, et cetera, et cetera. Is that decline irreversible, John?
You're a lifelong New Yorker.
Seventy years in New York. I love New York. And if we don't fix it up on this year,
when there's a big election in November, and all we want is—we love New York.
All we want is for New York to go in the right direction, and enough of this crime—
So it's a leadership problem.
—of stealing everything.
It's a leadership problem.
Change the leadership, and maybe the problem will improve.
Absolutely.
I want to just quote this on the subway. It's getting more dangerous to ride the subway.
Crimes on trains and in stations up 53 percent since before the pandemic 2019.
If people don't feel safe on the subways,
they're not coming back to live or work in New York City.
How can we have a comeback if working people are afraid to get on the subway?
Last word to you, John.
Stuart, it comes down to this. There's 8.5 million New Yorkers in New York City
that want to live in a civilized way. There's 3,300, the police commissioners tell us,
repeat violators, repeat over and over, arrested 50 times.
So the city council, the state senate, the state assembly, are they working?
Are they working for the 8.5 million New Yorkers that want a civilized city,
or are they working for the 3,300 criminals?
I mean, that's what it comes down to, Stuart.
Yep, good question.
John Katsimatidis, you're right in the middle of it,
and we thank you for coming on the show and telling us how it is.
Good stuff, John. See you again soon, please.
Thank you.
