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Comparison of Corporate Strategies Adopted by Tesla and BYD
- 1 University of Birmingham
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Abstract
In today’s increasingly saturated markets, companies must innovate and develop distinct corporate strategies to ensure survival and growth. The new energy automotive industry, as an emerging sector, requires companies to establish a unique identity and value proposition. Consequently, this study compares and analyzes Tesla and BYD, two prominent players in the electric vehicle (EV) market, to explore their respective innovations across various domains. The paper examines the strategies of these two companies in the areas of economic innovation, human resource management, financial resource management, marketing strategy, and market environment. Both companies have successfully implemented innovative strategies to maintain their position as market leaders. Tesla has focused on economic innovation, financial discipline, and innovative marketing, while BYD has taken a more diversified approach, emphasizing a strong company culture and commitment to sustainable solutions. Despite their differences, both companies have been successful in competing in the EV industry by leveraging their respective strengths and taking advantage of opportunities in the marketplace.
Keywords
new energy vehicle, enterprise innovation, tesla, BYD, corporate strategy
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Cite this article
Liu,C. (2023). Comparison of Corporate Strategies Adopted by Tesla and BYD. Advances in Economics, Management and Political Sciences,25,170-175.
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Volume title: Proceedings of the 2023 International Conference on Management Research and Economic Development
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