Hyperdrive
Tesla Is Flailing in China and BYD’s Rapid Rise Is to Blame
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Tesla Inc.’s business in China is trending as though its best days in the world’s biggest electric vehicle market may be behind it.
Elon Musk’s automaker has been backsliding in China for the past five consecutive months on a year-on-year basis, according to data from the country’s Passenger Car Association. Tesla’s shipments plunged 49% in February from a year earlier to just 30,688 vehicles, the lowest monthly figure since way back in July 2022, when it shipped just 28,217 EVs — and that was in the middle of Covid.