For the first time, China’s BYD is expected to surpass Elon Musk’s Tesla as the world’s largest seller of electric vehicles (EVs) in terms of yearly sales. Sales of BYD’s battery-powered vehicles increased by about 28% to over 2.25 million last year, the company reported on Thursday.
Tesla released expert estimates last week indicating it sold about 1.65 million cars for the year. The company is scheduled to unveil its total sales for 2025 later on Friday. The US company has had a difficult year due to mixed reactions to new products, concerns about Musk’s political involvement, and intensifying competition from Chinese firms.
In an effort to increase sales, Tesla released more affordable versions of its two best-selling models in the US in October. It was criticized for releasing new, more affordable options too slowly to maintain its competitiveness.
To earn a record-breaking compensation package, Musk, who is already the richest man in the world, must dramatically increase Tesla’s sales and stock market value over the course of the next ten years. He might receive up to $1 trillion (£740 billion) in payments from the merger, which shareholders approved in November. In addition to Tesla, Musk is in charge of numerous other businesses, such as the tunneling company Boring Company, the rocket company SpaceX, and the social media platform X.
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