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China’s BYD, known as Build Your Dreams, has become the world’s most popular electric vehicle (EV) maker, selling close to 520,000 EVs in the previous quarter. This surpasses Tesla’s sales of around 484,000 EVs. BYD’s success can be attributed to its cheaper EV models and strong sales in China. While Tesla still earns higher revenue and profit due to its higher-priced EVs, BYD offers a wider range of competitively priced EVs, appealing to cost-conscious consumers in emerging markets like India. With BYD’s rise, Tesla faces intense competition and pressure to innovate and retain market share.
