The incredible rise of Chinese Tesla rival BYD

• Chinese automaker BYD briefly eclipsed Tesla as the world's top seller of electric vehicles.

• Even without access to the American market, BYD's affordable EVs are popular in China.

• Here's how a little-known Chinese brand proved it could go toe-to-toe with an industry giant.

BYD may not be a household name in America, but it recently made itself known in a big way.

For a brief moment earlier this year, the Chinese automaker unseated Tesla as the world's top seller of electric cars.

Even though you won't see a BYD car in America (yet), the company has built an affordable brand that's popular in China and elsewhere.

Here's the story of the company that proved it could outsell Elon Musk.

BYD doesn't stand for anything — officially.

Wang Chuanfu and a cousin founded BYD in 1995. Then a 29-year-old government researcher, Wang came from a family of rice farmers. He earned a university scholarship and eventually moved to the Special Economic Zone in Shenzhen to start his new company.

The "YD" in the name comes from Yadi, the village in Shenzhen where the company was originally located, according to one South Korean newspaper. The "B" was added later, supposedly as a promotional tool. Wang has said in interviews that, taken together, the "BYD" name didn't stand for anything in particular.

It was only later that Wang derived the slogan "Build Your Dreams." The company has also acquired another nickname: "Bring Your Dollars."

The company was originally a cell phone battery manufacturer.

The company's original business wasn't cars. It was cellphone batteries. BYD challenged established Japanese suppliers Toyota and Sony by providing a cheaper alternative. By 2002, companies like Motorola, Nokia, Sony Ericsson, and Samsung were all using BYD batteries.

They started making cars in 2003.

BYD moved into the car business after buying Xi'an Tsinchuan, a failing state-owned automaker that was then an arm of defense contractor Norinco, according to the South China Morning Post.

The company launched its first car in 2005. The BYD F3 was a compact sedan that resembled the Toyota Corolla. It sold for as little as 40,000 yuan, or about $5,850.

Warren Buffett was a key early booster.

Billionaire investor Warren Buffett was one of the high-profile names to take interest in BYD early on. Looking to invest in China's booming car market, Buffett toured BYD's headquarters.