According to the publication's data, Tesla's deliveries declined for the second consecutive time, dropping by approximately 9% in 2024. In contrast, BYD has shown continuous growth in deliveries for five quarters.
Bloomberg believes that the reason for Tesla's troubles lies in the update of the Model Y, which necessitated a revision of the production processes at the company's factories. At the same time, BYD offers a wider range of models, as well as most of its electric vehicles at more affordable prices compared to Tesla's popular models — the Model Y and Model 3.
The agency also emphasizes that Tesla's results have been negatively impacted by Elon Musk's political actions, his connections with the Republican Party and former U.S. President Donald Trump, as well as his involvement in overseeing the agency focused on improving the efficiency of the federal government (DOGE).
“BYD does not operate in the American market, but faces fierce competition within China,” concludes Bloomberg.
