BYD Challenges Tesla's EV Dominance Amid Profit Decline

Tesla faces shrinking profits and increased competition as BYD expands its global footprint and production capabilities.

Tesla's Q2 profits dropped by 40%, with shares falling 12% following the announcement.
BYD sold 426,039 EVs in Q2, just below Tesla's 443,956 vehicle deliveries.
BYD is expanding into new markets with affordable EV models, including the Seagull and Sea Lion 07.
Tesla plans to launch more affordable models sooner to counteract revenue declines.
Analysts predict BYD could surpass Tesla in EV sales by the end of 2024.