Tesla's Q2 sales not nearly as bad as feared, but former leader is losing ground fast to BYD

Visitors look at electric cars of Chinese car brand BYD at the IAA Mobility 2023 international motor show on September 6, 2023 in Munich, Germany. (Credit: Leonhard Simon—Getty Images)

• Tesla’s first-half sales fell 13% to 720,803 vehicles. While this was better than expected, Elon Musk’s company fell further behind Chinese arch-rival BYD, whose global EV volumes surged 41% to crack the 1 million vehicle mark this year. Bulls argue EVs should no longer be the sole focus going forward now that Musk launched his robotaxi service: “The autonomous future at Tesla is the laser focus.”

Tesla reported some good news Wednesday—its second quarter global EV sales were nowhere near as awful as many feared. That is little consolation, however, as Elon Musk’s company fell further behind new industry leader BYD.