Tesla Loses Big to BYD in Europe

Tesla Inc. (NASDAQ: TSLA) held the electric vehicle (EV) crown for a decade worldwide. In the past year, China’s EV giant BYD passed it in global sales. Being the number one EV maker in the world’s largest EV market helped BYD’s success. And Elon Musk’s political issues, which have damaged Tesla’s brand and sales, also helped. BYD has begun to expand into other markets, including Asia and parts of Europe.

Much of Tesla’s sales decline is likely due to Musk’s public endorsements of certain candidates and parties during elections in some European nations.

Tesla’s EU sales have declined throughout the year. The July numbers indicate that this decline has not halted. Tesla has also experienced sales declines in its two primary markets: China and the United States.

Tesla’s stock has declined by 13% this year, while the S&P 500 is up 10%.

Musk has continued to pitch Tesla as a robotics and artificial intelligence company. Tesla is testing fully self-driving cars in the U.S., with the goal of leading the entire industry in this technology. Its current robotics product is the Optimus humanoid. Whether it can succeed as a mass market product remains to be seen.

Tesla has a market capitalization of $1.13 trillion, making it the 10th most valuable company in the world. Musk continues to convince investors that cars are not the only thing that will drive the company forward.

Five Undervalued Chinese Stocks to Look at Right Now

The post Tesla Loses Big to BYD in Europe appeared first on 24/7 Wall St..