BYD's Milestone Achievement Challenges Tesla's Valuation

As the global demand for electric vehicles (EVs) faces challenges, Tesla and BYD continue to dominate the EV market, causing other players like General Motors and Ford to downgrade their EV ambitions. The decline in demand cannot be solely attributed to the high cost of EVs, as the price of lithium, a key component for EV batteries, has also dropped significantly. Tesla's Model Y is selling well in China despite its higher price compared to BYD's Yuan Plus. Some Wall Street analysts maintain that BYD will eventually surpass Tesla. However, Tesla's upcoming launch of the Cybertruck generates significant interest, although its impact on the company's financials will be limited in the near term. The question remains as to how long Tesla can withstand BYD's competition.