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In a recent social media post, a senior executive at BYD Co Ltd (OTC:BYDDY) (OTC:BYDDF) issued a warning to Tesla Inc (NASDAQ:TSLA) CEO Elon Musk about potential hurdles in the field of intelligent driving systems.
What Happened: Zhao Changjiang, the head of sales at BYD’s Denza joint venture with Mercedes-Benz Group AG (OTC:MBGAF), took to the Chinese social media platform Weibo on Wednesday to address a comment made earlier this month. Zhao, without specifically naming Tesla or Musk, seemed to be responding to a post by Musk on his X platform in early January, reported Bloomberg.
“BYD is very strong now,” Zhao wrote. He also cautioned that Tesla might lose market share, especially in the advanced driver-assistance system and car models in 2024.
"You'll face serious challenges in advanced driver-assistance system and car models in 2024, such as Denza's N7 changing the landscape of the auto market and triumph over the ‘Y' model!" Zhao said, referring to the Tesla Model Y.
Tesla, set to report its results after the market closes on Wednesday, is under pressure due to a slowdown in global EV demand and the need to maintain its profit margins. The company has already reduced its prices in China, the world’s largest auto market, amid intensifying competition and investor doubts, which have led to a market valuation drop of over $94 billion in the first two weeks of 2024.
Why It Matters: BYD’s recent moves have significantly impacted the EV market, challenging Tesla’s long-standing dominance. The company, backed by billionaire investor Warren Buffett, has expanded its EV lineup to include luxury cars and high-end models, shifting its focus from affordable vehicles.
BYD’s success in the EV market was further highlighted when it surpassed Tesla in EV sales in the final quarter of 2023. The company has also been investing heavily in advancing vehicle intelligence and NEV evolution, unveiling the Xuanji Architecture, a sophisticated structure that includes a central brain, cloud-based AI, vehicle-based AI, 5G network, satellite network, and various chains such as sensing, control, data, and mechanical.
Meanwhile, Buffett’s Berkshire Hathaway has been trimming its stake in BYD. In late November, it was reported that the company sold about 3.23 million Hong Kong-listed shares of BYD for HK $630.33 million ($80.7 million).
BYD Photo by A. Aleksandravicius on Shutterstock
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