BYD, Tesla’s Chinese competitor, significantly outperformed Tesla in 2024, reporting a 73 per cent surge in fourth-quarter profit and exceeding $100 billion USD in annual revenue—surpassing Tesla’s nearly $97.7 billion USD. This success was driven by a 40 per cent jump in sales of battery electric and hybrid vehicles, totaling approximately 4.3 million units. BYD’s recent launch of the Qin L EV sedan, a lower-priced alternative to Tesla’s Model 3, further strengthens its competitive position. The company also announced a new super-fast EV charging system.
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In 2024, BYD surpassed Tesla in annual revenue, reaching $107 billion compared to Tesla’s $97.7 billion, driven by strong sales of both EVs and hybrid vehicles. While BYD’s EV sales (1.76 million) closely matched Tesla’s (1.79 million), its total vehicle sales reached a record 4.3 million. This success is further bolstered by the recent launch of BYD’s competitively priced Qin L model and innovative advancements, such as five-minute charging technology and free advanced driver-assistance systems. This achievement comes amidst economic headwinds in China and geopolitical challenges facing Tesla.
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P.E.I. has announced that Teslas are no longer eligible for their electric vehicle rebate program. This decision, announced by Environment, Energy, and Climate Action Minister Gilles Arsenault, prioritizes funding for electric vehicles purchased from dealerships with a local presence in P.E.I. or the Maritimes. The rationale appears to be a focus on supporting local businesses and the island’s economy.
This move has sparked a considerable online reaction, with many expressing satisfaction at the perceived slight against Tesla and its CEO, Elon Musk. Some celebrate the decision as a win against a large corporation, while others see it as a symbolic victory, albeit one with minimal impact on Tesla’s overall sales.… Continue reading
Tesla’s European electric vehicle market share plummeted 58 percent in the first two months of the year, falling to 7.7 percent from 18.4 percent in 2024. This decline coincides with surging sales from Chinese EV competitors, who outsold Tesla in Europe last month. The company’s struggles are compounded by a global negative perception fueled, in part, by CEO Elon Musk’s controversial public profile. This significant drop highlights Tesla’s weakening position in a rapidly evolving electric vehicle market.
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In a letter to the US Trade Representative, Tesla cautioned against retaliatory tariffs, arguing that such actions could negatively impact its operations and US exports. The company highlighted that past tariffs have spurred reciprocal measures from other countries, increasing costs for US-manufactured vehicles abroad. Tesla emphasized the need for a comprehensive assessment of trade policy, considering both the benefits of fair trade and the potential harm to US manufacturers like itself. The letter also noted limitations in the domestic supply chain for EVs and batteries, suggesting that some materials are unavailable domestically.
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Despite recent sales slumps, Tesla received a significant boost when President Trump purchased a $100,000 Model S Plaid. The high-performance electric vehicle, boasting a top speed of 200 mph and 1,020 horsepower, was chosen after a White House demonstration. This purchase follows numerous recalls for the Model S, affecting features ranging from seatbelts to autonomous driving systems. President Trump’s endorsement comes as a major public relations win for Tesla.
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Tesla’s Australian February EV sales plummeted 71.9% year-on-year, totaling a mere 1,592 units. This dramatic drop, impacting both Model 3 and Model Y sales, extends a broader trend encompassing Europe and contrasts with a generally resurgent EV market. While Tesla attributes the decline to inventory and model refreshes, analysts also cite Elon Musk’s controversial political stances as a significant contributing factor. The situation highlights Tesla’s substantial influence on the Australian EV market and the potential impact of leadership controversies on brand performance.
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The Trump administration is dismantling the federal government’s electric vehicle (EV) charging infrastructure by deactivating approximately 8,000 charging stations across all federal buildings. This action follows an internal directive classifying the charging stations as “not mission-critical.” Consequently, the General Services Administration (GSA) plans to divest itself of its recently acquired EV fleet, with the method of disposal currently undetermined. The administration has also removed the GSA’s fleet electrification webpage from online access.
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Following Elon Musk’s public support of Donald Trump, Tesla initially experienced a surge in stock value. However, the electric vehicle maker is now facing declining global sales, particularly significant drops in key European markets, potentially linked to negative reactions to Musk’s political stances. Simultaneously, Tesla confronts challenges from increased competition and the threat of Trump administration tariffs impacting its supply chain. These factors, combined with recent vandalism at a Tesla dealership, suggest a potential “Trump-lash” impacting the company’s performance and stock price.
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Donald Trump’s administration is actively dismantling incentives for electric vehicles, including a key $7,500 tax credit, potentially causing a 27 percent drop in EV sales. This policy, surprisingly supported by Tesla CEO Elon Musk, would disproportionately impact Tesla’s competitors while potentially benefiting Tesla’s market dominance. However, even Tesla would experience negative consequences, such as reduced carbon credit sales. Musk’s shift towards supporting Trump’s agenda, despite his previous climate advocacy, raises concerns about his motivations and the future of US climate policy.
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John Q. Hosedrinker 
Matt Underwood