BYD (Chinese EV manufacturer and Tesla’s biggest rival) claimed that Tesla will lose market share and face serious challenges in 2024, as they overtake Tesla in sales, and Tesla struggles with their worst performance in two years.
Key Points:
In response to a comment Musk made, during a discussion comparing the two EV companies (“We are an artificial intelligence firm, not an automaker), BYD has bitten back, warning Musk that BYD is “very strong” and that Musk will lose market share.
BYD specifically pitted Tesla’s sport utility vehicle, Model Y, against their equivalent, Denza N7 (which has been designed and manufactured in partnership with Mercedes-Benz), claiming that “Denza N7 will alter the market landscape and beat the Y model.”
This comes as BYD continues to threaten Tesla’s dominance over the EV market: They have higher gross margins, delivered strong earnings and sales growth in Q3 (while Tesla reported its worst earnings in two years), and in Q4–for the time ever–they sold more EVs than Tesla (45,000 more).
BYD has overtaken Tesla as the world's biggest-selling electric vehicle manufacturer, and also plans to expand internationally and target the European market with affordable EVs, further challenging Tesla’s spot at the top of the EV market.
Who do you think will come out on top? …. My bet is TESLA!!
