BYD is on track to outsell Tesla this year, growing its presence in the electric vehicle market. The technological gap between Tesla and Chinese manufacturers has diminished significantly. Recent observations suggest that Tesla is struggling with sales declines while BYD has become the largest EV manufacturer, surpassing $100 billion in annual revenues. Analysts indicate that while Tesla maintains an edge in software-defined vehicles, the competition landscape in China reveals a more complex scenario with BYD's rapid advancements in technology.
"Tesla is a very successful company no matter what. BYD respects Tesla and we admire Tesla," he said in an interview on Chinese state media.
"He had seen the BYD factories, the cost and their tech," says one former Tesla executive, adding that Musk believed China was winning the electric vehicle race.
"In the west, Tesla still owns EVs, they still have a clear lead on software-defined vehicles and everyone is still trying to catch up to that," says Barclays analyst Dan Levy.
"China is a different situation. Tesla's lead from a tech perspective is not nearly as clear, if there's any lead at all."
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