The Fin
Has Elon Musk crashed Tesla out of the EV race?
Apr 2, 2025
In this discussion, North Asia correspondent Jessica Sier shares insights into the rapidly growing Chinese EV market, emphasizing BYD's remarkable rise and its recent revenue triumph over Tesla. Motoring expert Tony Davis dives into Tesla's current struggles, linking declining sales to public discontent with Elon Musk's political views. They also explore the potential game-changer of a five-minute battery charge and evaluate the future investment prospects for both Tesla and BYD in a fiercely competitive landscape.
25:08
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Quick takeaways
- Elon Musk's controversial political involvement has led to a significant decline in Tesla's sales and brand equity globally.
- BYD's emergence as a leading competitor, with over $100 billion in revenue and innovative charging technology, is reshaping the EV market landscape.
Deep dives
Elon Musk's Political Impact on Tesla Sales
Elon Musk's political stance has significantly contributed to a decline in Tesla's sales, with customer backlash fueled by his controversial involvement with the Trump administration. Many consumers express their discontent by protesting at Tesla dealerships globally, and the sentiment is reflected in the sales drops, with some markets noting decreases of over 70%. People are not only selling their Teslas but also attaching bumper stickers indicating their disapproval of Musk's politics. This shift in public perception is damaging Tesla's brand equity, prompting investment banks to downgrade their ratings on Tesla stock.
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