Tesla Woes Bolster Appeal of Top China EV Maker BYD: Tech Watch
- Chinese maker has outperformed in October on strong outlook
- ‘Looks like the safest bet versus Tesla’: Tocqueville Finance
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BYD Co. is rapidly closing in on Tesla Inc. as the world’s biggest seller of pure electric vehicles, with surging profits underscoring its sales clout despite intensifying competition at home.
Shares of the Hong Kong-listed Chinese electric-vehicle firm are up 1.7% this month, outperforming Tesla’s 17% plunge and declines in other peers as well. While shares of Elon Musk’s firm are still up by more than double the rise in BYD this year, signs are pointing to further gains for the latter.