Tesla has had the week from hell and it just got a whole lot worse after Chinese EV company BYD dropped a bombshell update.
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After seeing a Cybertruck explode outside a Trump hotel, this week has just got even worse for Elon Musk.
Shares in his company Tesla have plummeted more than 6 per cent after its closest rival reported record annual sales just shy of the American car giant’s.
Leading Chinese electric car maker BYD’s vehicle sales surged in 2024, the company said in a statement, as the firm grows its overseas presence
The EV and battery giant is the most prominent of Chinese automotive firms expanding abroad — plans that are increasingly threatened by bitter trade disputes between Beijing and the West.
The company’s quarterly revenue surpassed global rival Tesla’s for the first time during the third quarter last year — and that was not the only bad news for Elon Musk’s company.
Tesla reported a dip in full-year sales overnight, missing a company forecast in a sign of rising electric vehicle competition in China and other markets.
The EV company reported 495,570 fourth-quarter deliveries. While that represented a quarterly record, it lagged Wall Street estimates and resulted in full year-sales of just under 1.8 million vehicles.
