Tesla’s top competitor in China aims to double its international sales by targeting markets in the U.K, Latin America, and Southeast Asia.
The announcement comes after Elon Musk’s electric car company has faced difficulties in Western markets, with declining sales in Europe and an increasing number of protests against the company and its owner.
Newsweek contacted BYD for more information on the decision via email.
Why It Matters
The move is the first sign of major competitors taking advantage of Tesla‘s slump in public opinion. The company’s stock value has dropped around 40 percent since its December high, causing the company to plummet $660 billion in its market cap and slashing an estimated $90 billion from Musk‘s net worth.
What To Know
BYD Auto, the largest electric car manufacturer in the world, plans to double its sales outside China with focus on markets where Tesla is facing backlash, according to reports from Reuters.
BYD’s status in the industry comes primarily from meeting China’s huge electric car demand with internal sales, but the company’s chairman told analysts that it plans to make international moves, with the goal of selling more than 800,000 cars internationally in 2025.
In an earnings call, chairman Wang Chuanfu said that BYD would target the U.K., Southeast Asia, and Latin America, as the second-largest electric car company, Tesla, struggles with declining stock value and protests against Musk across the West.
Brand new unregistered BYD electric cars are displayed for sale outside a BYD dealership, on March 6, 2025 in Bristol, England.
Getty Images
Despite dominance over electric vehicle sales in the U.S, Telsa has faced difficulty recently through a combination of economic and cultural factors. A stock market decline triggered by President Donald Trump’s aggressive tariff policy coincided with a 40 percent drop in Tesla shares since December 17.
Furthermore, Musk’s close political association with the president has led to Tesla becoming the target of protests against the Trump administration. Sales for the company have declined in Canada and Europe, politicians directly citing Musk as the reason.
What People Are Saying
In reaction to the continued protests against Tesla, Elon Musk said: “Tesla is a peaceful company; we’ve never done anything harmful, I’ve never done anything harmful; I’ve always done productive things. So there’s some kind of mental illness thing going on because this doesn’t make any sense.”
What Happens Next
The focus on international markets will take place throughout 2025. BYD is unlikely to attempt entry to the North American markets, as both Canada and the U.S. maintain heavy tariffs against electric vehicles manufactured in China.
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