Chinese BYD dethrones Tesla in the electric vehicle market

Tesla has lost its global lead in the electric vehicle industry to Chinese BYD, following a decline in its annual sales for the second consecutive year, affected by increasing global competition, the end of U.S. tax incentives, and negative reactions to its brand. This shift comes as reported by Reuters, at a time when global electric vehicle sales rose by 28 percent last year, with BYD's sales surpassing Tesla's for the first time on an annual basis, driven by rapid growth in the European market, where the Chinese company has widened the gap with its American rival.