Tesla's market value has plummeted by $800 billion due to recalls, performance issues, and protests against CEO Elon Musk. Meanwhile, BYD has emerged as a significant competitor, reporting a robust 58% increase in sales in Q1 2025. Tesla's upcoming sales report is projected to show disappointing numbers, falling short of previous sales figures. Factors contributing to Tesla's decline include shrinking consumer confidence in the US and Europe and potential regulatory changes affecting EV tax credits. Despite challenges, auto tariffs may provide temporary relief for Tesla's market position.
Things have been looking rocky at Tesla for a while now. Even before CEO Elon Musk began ripping through the federal government to global outcry, its late-2024 sales were way down.
BYD is the Shenzhen-based EV company quickly replacing Tesla as the world's foremost seller of electric and hybrid vehicles. It just released its earnings results for the first quarter of 2025, showing sales up 58 percent.
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