Stating that Chinese EV maker BYD (BYDDY,BYDDF) “had an incredible year” and continues to innovate, Bloomberg’s Craig Trudell warned earlier this week that Tesla, Inc. (TSLA) is facing very strong competition in China.
A Tough Challenge From BYD
BYD’s 2024 revenue came in above that of Tesla, and the Chinese automaker is making “tangible progress” on its products while putting up impressive financial results, Trudell reported. BYD recently announced that it had developed technology which will enable 400 kilometers of range to be added in just five minutes, he noted.
“This is the sort of innovation that we might have expected to see from Tesla years ago,” the reporter added.
Meanwhile, another one of TSLA’s China-based competitors, Xiaomi recently raised $5.5 billion to fund its EV business, Trudell noted.
The Recent Price Action of TSLA and BYDDY
In the last month, Tesla, Inc. (TSLA) is down 6.5%, while it has tumbled 41% in the last three months.
In the last month, BYDDY has advanced 2%, while it has jumped 45% in the last three months.
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This article is originally published at Insider Monkey.
