Overview

• Elon Musk loses his title as the world's richest person due to Tesla's weak sales in China and a significant drop in share price.
• Tesla's February sales in China decreased by 19% year-on-year, marking the lowest level of deliveries since December 2022.
• The Chinese EV market is experiencing a slowdown and fierce competition, leading to price wars among manufacturers.
• BYD overtakes Tesla as the world's largest seller of battery electric vehicles, with other Chinese EV makers also gaining ground.
• Tesla introduces new incentives in China, including insurance subsidies and preferential financing plans, to boost sales.