Tesla loses ground as Chinese EVs dominate global markets

Tesla is having a tough year. Once a world leader in the electric-vehicle market, the company’s sales across the U.S., China, and several European countries fell year on year in February, and its stock price dropped almost 50% from a mid-December peak. Tesla needs India more than India needs Tesla. The politics of Tesla leader Elon Musk and surging Chinese rivals are both contributing to the sales slump. In Germany, where Musk supported the right-wing populist party, Tesla’s sales collapsed 76% last month. In the U.S., following Musk’s support for President Donald Trump, the company saw a 6% decline. In China, where Shenzhen-based BYDi BYD BYD Auto is a Chinese carmaker that became the world’s leading EV manufacturer in 2023, competing with Tesla for market share and global attention.READ MORE is the biggest-selling EV brand, Tesla’s sales fell 49%. Tesla, meanwhile, is ramping up its presence in the emerging economies. It is opening its maiden stores in India and Saudi Arabia, and ... Read full article.