BYD, the Chinese electrical giant that melts on Tesla

A BYD automobile at the Mondial de l’Auto in Paris, October 17, 2022. ERIC PIERMONT/AFP

The American manufacturer remains the world number one, but Chinese competition is rapidly gaining momentum.

Tesla, world champion of electric vehicles, is it about to be dethroned by the Chinese BYD (Build Your Dreams)? The American manufacturer, whose electric cars have conquered all continents, announced on Monday that it had sold 1.3 million cars in 2022. Another record. Tesla saw its sales jump 40% compared to 2021. This is less than the objective set by Elon Musk: a steady growth of 50% per year.

The day after these announcements, Tesla shares were down 14% mid-session on Wall Street. “Fourth quarter figures missed target due to continued logistics issues, demand concerns and increased competition from other manufacturers,” said Schwab analysts. Tesla, like its competitors, is suffering from supply problems. Its Shanghai factory, which employs 20,000 people, is directly affected by the Covid outbreak in China. At the end of December, the manufacturer also…

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