Western EV makers underestimated threat from Chinese rivals like Tesla-slayer BYD: Dan Ives

News Snapshot:

A wave of low-cost Chinese cars have washed up on western shores as China’s ultra-competitive EV manufacturers like BYD increasingly look abroad for profits—and have found consumers eager for their high-tech, low-cost offerings. The wave has been so large that China leapfrogged Japan in 2023 to become the largest purveyor of passenger cars to the world for the first time, exporting 3.8 million vehicles for a staggering 62% increase in one year alone. “The Chinese car companies are the most competitive car companies in the world,” Tesla CEO Elon Musk said this week. “Frankly, if there are not trade barriers...