Tesla's sales have hit a three-year low, with a 13% drop in deliveries. The backlash against Elon Musk's political involvement and competition from BYD are major factors. Tesla faces intense scrutiny as shares tumble.
In a stunning turn of events, Chinese automaker BYD has reported annual revenue of 777 billion yuan, surpassing Tesla. With a 29% increase from last year, BYD's rapid development in EVs and new battery technology is reshaping the market landscape.
Tesla's electric vehicle sales in Europe have dropped 49% in the first two months of the year amid increasing competition and backlash against CEO Elon Musk's political affiliations. This decline coincides with a 28.4% rise in overall EV sales, highlighting growing concerns over Tesla's aging lineup and Musk's controversial endorsements.
Chinese EV maker BYD has overtaken Tesla in annual revenue, reporting a 29% increase to 777 billion yuan. With new lower-priced models and advanced technology, BYD is poised for growth amid Tesla's controversies and market challenges.
BYD has introduced a revolutionary ultra-fast EV charging system that allows drivers to fully charge their vehicles in just 5 to 8 minutes, rivaling traditional refueling times. This leap in technology aims to eliminate range anxiety and bolster the EV transition in China, where sales of new energy vehicles surged 40% last year. With plans to install over 4,000 charging stations, BYD is positioning itself as a formidable competitor in the EV market, even as it pressures Tesla's stock.
Tesla stock has seen a dramatic decline of over 33% in the last month, raising concerns about Elon Musk's leadership and focus on the company amid economic uncertainty and distractions.
In a monumental move, BYD has raised $5.59 billion through a primary share sale, marking the largest equity offering in Hong Kong for four years. The funds will boost its R&D and international expansion efforts, with a strategic partnership on the horizon.
