Tesla Stock Slips as BYD Outsells It in Europe
Tesla's stock has surged by 25% in the past month, but some investors may be cashing in due to waning EV sales. Meanwhile, Chinese rival BYD is making waves in the stock market today, outselling Tesla for the second consecutive month.
BYD's August sales in the stock market tripled year-on-year, reaching a market share of 1.3%. This impressive performance comes as Tesla's sales dropped by 36.6% year-on-year, leading to a market share of just 1.2%. According to the European Automobile Manufacturers' Association (ACEA), Tesla's stock market sales plummeted by 37% in August.
Tesla CEO Elon Musk has been emphasizing the company's autonomous driving and robotics technologies to investors. However, the focus on AI and robotics opportunities has not allayed investor concerns about slowing EV sales. Year to date, BYD's stock market sales have soared by 280%, while Tesla's have declined by 33% compared to last year.
Tesla stock (TSLA) slid by 4.3% on Thursday, reflecting investor uncertainty. Despite Musk's emphasis on robotaxi fleets and robotics aspirations, owning Tesla shares means accepting volatility due to the unpredictable stock market.
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