BYD, the leader in China's electric vehicle market, has recalled 97,000 vehicles due to potential steering control issues that might lead to fires. This recall primarily affects the Dolphin and Yuan Plus models, which are among BYD's top-selling units. As competition heats up with Tesla in China, the recall may present a rare opportunity for the American automaker to increase its market share, which currently stands at about 6% compared to BYD's more than 25%.
Tesla's recent sales figures highlight its ongoing struggles against local competitors like BYD. In August, Tesla had its best sales month of 2024, selling around 63,000 units, a 37% increase from the previous month. However, even with these gains, Tesla still faces a significant challenge in capturing market share from BYD, which continues to expand its foothold in China, where it commands over a quarter of the EV market.
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