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BYD COMPANY LTD ADR

Founded in 1995, BYD is a leading Chinese manufacturer in the design, development, and production of new energy vehicles, or NEVs. In March 2022, the firm discontinued production of internal combustion engine, or ICE, vehicles. Its products primarily target the growing midpriced mass-market segment in China's passenger vehicle market. The company sold about 3 million passenger NEVs in 2023, accounting for 33% of the Chinese passenger NEV market. Besides automobile production, the company is also engaged in handset components and assembly services, as well as the rechargeable battery and photovoltaics business. After more than 25 years of development, the company has established over 30 industrial parks worldwide.

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Tesla sube en premarket gracias a un aumento en las ventas en China en agosto, superando la tendencia bajista del mercado.

Acciones de Tesla (TSLA) suben en el premarket tras sólidas ventas en China

Tesla Model Y lidera en China pero el BYD Seagull acorta la brecha

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Las startups chinas Nio, XPeng y Li Auto invierten fuertemente en I+D, representando el 29% de sus ingresos en el primer trimestre de 2024.

Nio, XPeng y Li Auto invierten el 29% de sus ingresos en I+D en el 1T 2024

BYD Co Ltd

BYD Co., Ltd. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>), a Chinese new energy vehicle (NEV) manufacturer, has officially entered the Omani automotive market, marking a significant step in its <a target="_blank" href="https://www.benzinga.com/news/large-cap/24/12/42420450/chevron-upgrades-pasadena-refinery-supports-us-gulf-coast-fuel-supply-growth" rel="noreferrer noopener">expansion into the Gulf region</a>.
The company recently held a brand launch in Muscat, Oman, and opened three local stores, CnEV Post <a target="_blank" href="https://cnevpost.com/2024/12/13/byd-enters-oman-market/" rel="noreferrer noopener">reports</a>.
As part of this launch, BYD introduced five models to the Omani market: Han, Yuan Plus, Seal, Song Plus DM-i, and Qin Plus DM-i, all of which align with the country&#8217;s push for sustainable development under its Vision 2040.
The launch in Oman underscores BYD&#8217;s commitment to promoting green mobility and supporting the region&#8217;s transition to electric vehicles.
Also Read: <a target="_blank" href="https://www.benzinga.com/markets/equities/24/12/42438591/teslas-china-sales-recover-model-y-accounts-for-over-60-of-november-sales" rel="noreferrer noopener">Tesla&#8217;s China Sales Recover, Model Y Accounts for Over 60% of November Sales</a>
AD Huang, general manager of BYD Middle East &amp; Africa, highlighted the alignment between the company&#8217;s goals and Oman&#8217;s sustainability objectives, according to the CnEV Post report.
In other news, BYD is reportedly on track to achieve a major sales milestone, with the company forecasting 4.25 million units sold in 2024.
This suggests that the company is on pace to sell around 500,000 vehicles in December, <a target="_blank" href="https://cnevpost.com/2024/12/13/byd-on-track-sell-4-25-million-cars-2024/" rel="noreferrer noopener">CnEV </a>Post adds.
In November, BYD sold 506,804 NEVs, marking its second consecutive month of over 500,000 units sold.
Year-to-date, BYD&#8217;s cumulative sales reached 3.76 million units, reflecting a 40% year-on-year growth.
Read Next:
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<li><a href="https://www.benzinga.com/24/12/42405564/tim-kuniskis-to-return-to-lead-ram-trucks-days-after-stellantis-ceos-departure-report" target="_blank" rel="noreferrer noopener">Tim Kuniskis To Return To Lead Ram Trucks Days After Stellantis CEO&#8217;s Departure: Report</a></li>
</ul>
Image via Shutterstock.

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General

Tesla Rival BYD Enters Omani Market, Launches Five EV Models As Part Of Gulf Expansion: Report

Tesla, Inc&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) has reportedly shown strong sales performance in China, driven by continued demand for its Model Y <a target="_blank" href="https://www.benzinga.com/analyst-ratings/price-target/24/12/42434317/tsla-stock-surges-in-premarket-after-multiple-price-target-hikes" rel="noreferrer noopener">and significant gains from the Model 3.</a>
In November, Tesla&#8217;s retail sales in China reached 73,490 units, a notable recovery after facing challenges earlier in the year, per a <a target="_blank" href="https://cnevpost.com/2024/12/11/tesla-nov-2024-sales-breakdown-china/" rel="noreferrer noopener">report</a> by CnEV Post.
Also Read: <a target="_blank" href="https://www.benzinga.com//node/42435201" rel="noreferrer noopener">Elon Musk&#8217;s Net Worth Surpasses Market Cap Of US Giants Like BofA, Johnson &amp; Johnson, Salesforce, Chevron, Coca-Cola And More: Only 25 Companies Have Higher Market Cap</a>
The Model Y, Tesla&#8217;s best-selling electric vehicle (EV) in China, contributed 44,576 units to the total, marking a 23.12% increase from 36,204 units in October.
However, the figure represented a 10.63% decline from the 49,877 units sold in November 2023. Despite this year-over-year drop, the Model Y still accounted for 60.66% of Tesla&#8217;s total sales in China for the month, the report read.
Read Next: <a target="_blank" href="https://www.benzinga.com/tech/24/12/42429588/gms-cruise-exit-draws-sharp-reaction-from-co-founder-kyle-vogt-tesla-ceo-elon-musk-says-autonomous-driving-is-a-very-hard-problem" rel="noreferrer noopener">GM&#8217;s Cruise Exit Draws Sharp Reaction From Co-Founder Kyle Vogt: Tesla CEO Elon Musk Says Autonomous Driving Is A ‘Very Hard Problem&#8217;</a>
Tesla&#8217;s strong rebound in China comes as the company competes with local EV makers like BYD Co., Ltd. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>), <a target="_blank" href="https://www.benzinga.com/tech/24/12/42409492/teslas-2nd-best-week-in-china-in-2024-boosts-q4-prospects" rel="noreferrer noopener">which continues to lead the market.</a>
While BYD&#8217;s insurance registrations were at 85,000 for the week ending December 8, Tesla saw a solid increase, registering 21,900 units, its second-best week of 2024.
This marks a notable improvement compared to 18,700 registrations the prior week. Despite trailing BYD, Tesla&#8217;s progress shows that the company is steadily gaining momentum in the competitive Chinese EV market.
Other players in the Chinese EV sector, such as Li Auto Inc. and new entrant Xiaomi Corp., are also making strides.
Li Auto registered 12,600 units last week, while Xiaomi recorded 5,400 registrations, highlighting the growing competition Tesla faces in China.
Price Action: TSLA shares are trading higher by 1.75% to $408.00 at last check Wednesday.
Read Next:
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<li><a href="https://www.benzinga.com/24/12/42405564/tim-kuniskis-to-return-to-lead-ram-trucks-days-after-stellantis-ceos-departure-report" target="_blank" rel="noreferrer noopener">Tim Kuniskis To Return To Lead Ram Trucks Days After Stellantis CEO's Departure: Report</a></li>
</ul>
Image via Shutterstock.

Tesla's China Sales Recover, Model Y Accounts for Over 60% of November Sales

American EV giant Tesla Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) China sales are picking up momentum despite trailing behind Chinese EV maker BYD Co Ltd. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>).
What Happened: Insurance registrations for Tesla vehicles in China came in at 21,900 units for the week that ended on December 8, marking its second-best week in 2024, according <a href="https://cnevpost.com/2024/12/10/china-ev-insurance-registrations-week-ending-dec-8-2024/">to</a> a report by CnEVPost.
The week prior to that, the company had just 18,700 registrations.
Tesla&#8217;s Chinese competitor BYD, meanwhile, had 85,000 registrations, down 13.09% from the week before. BYD, unlike Tesla, makes both battery electric vehicles and plug-in hybrids.
EV startup Li Auto is following Tesla close on heels with weekly registrations touching 12,600 last week. China&#8217;s newest EV entrant, Xiaomi, also had 5,400 insurance registrations last week. Insurance registrations in China are considered a proxy for sales.
Analyst Take: Tesla Bull and The Future Fund Managing Partner Gary Black deems the latest insurance registration numbers &#8220;outstanding.&#8221;
&#8220;Tesla China reported an outstanding 21,900 insured registrations for the week of Dec 2-8. This was the 2nd highest week of the year, and 3rd highest week ever. With 3 weeks left in the quarter, 4Q is +17.8% YoY and +9.5% QoQ,&#8221; Black noted.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/search?q=%24TSLA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$TSLA</a> China reported an outstanding 21,900 insured registrations for the week of Dec 2-8. This was the 2nd highest week of the year, and 3rd highest week ever. With 3 weeks left in the quarter, 4Q is +17.8% YoY and +9.5% QoQ. Separately, China BEV adoption reached a record… <a href="https://t.co/AozafLf7Hj">pic.twitter.com/AozafLf7Hj</a>
&mdash; Gary Black (@garyblack00) <a href="https://twitter.com/garyblack00/status/1866360544648728683?ref_src=twsrc%5Etfw">December 10, 2024</a></blockquote>
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Tesla CEO Elon Musk also applauded the team in China for the achievement. &#8220;Great work by Tesla China,&#8221; he said in a post on social media platform X. 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Great work by Tesla China
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1866326149904879948?ref_src=twsrc%5Etfw">December 10, 2024</a></blockquote>
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Why It Matters:&nbsp;Tesla has to deliver at least 514,926 EVs globally in the last quarter if it is to beat its 2023 delivery number of nearly 1.81 million. China is Tesla&#8217;s&nbsp;<a href="https://www.benzinga.com/news/24/06/39393504/tesla-rolls-out-upgraded-model-3-performance-to-chinese-customers" target="_blank" rel="noreferrer noopener">second-largest market&nbsp;</a>after the U.S., making deliveries in the region key to realizing Tesla's annual delivery goal.
However, Tesla has never managed to deliver over 500,000 EVs in a quarter to date, making this an&nbsp;<a href="https://www.benzinga.com/tech/24/11/41894615/tesla-q4-deliveries-expected-to-set-new-records-but-not-enough-to-avoid-yearly-sales-decline-says-researcher" target="_blank" rel="noreferrer noopener">ambitious target.</a>
In the third quarter, Tesla reported deliveries of 462,890 vehicles, up 6.4% year-over-year and up 4.3% quarter-over-quarter.
Deliveries fell 8.5% year-on-year in the first quarter and by 4.8% in the second quarter.
Price Action:&nbsp;Tesla shares closed up 0.15% at $389.79 on Monday. Year-to-date, the stock has gained 56.9%, according to&nbsp;<a href="https://pro.benzinga.com/dashboard" target="_blank" rel="noreferrer noopener">Benzinga Pro data</a>.
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link.</a>
Read Next:
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</ul>
Photo courtesy: Shutterstock

Tesla's 2nd Best Week in China In 2024 Boosts Q4 Prospects

In the <a href="https://www.benzinga.com/electric-vehicles">electric vehicle (EV) battle</a>, Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) and BYD Co Ltd (OTCPK: BYDDF) (OTCPK: BYDDY) are two titans vying for dominance. Tesla dominates the premium EV space with its technological prowess and global brand appeal, while BYD, a Chinese heavyweight, is reshaping the mid-tier and budget markets with its diversified lineup and affordability.
With Tesla riding a wave of bullish momentum and BYD facing near-term headwinds, how do these EV giants stack up against each other in the battle for supremacy?
<h1 class="wp-block-heading">Tesla vs. BYD: The Innovation Race</h1>
Tesla is known for its innovation and global leadership in the premium EV market. CEO Elon Musk's company continues to expand its production capacity and maintain a commanding presence, particularly in North America and Europe.
Meanwhile, BYD, often referred to as Tesla's Chinese counterpart, benefits from strong government backing and a broader product range, including electric buses and plug-in hybrids. 
While Tesla emphasizes a technology-first strategy, BYD's competitive edge lies in affordability and its deep integration into China's robust green energy ecosystem.
<h1 class="wp-block-heading">Tesla Stock&#8217;s Bullish Surge: A Market Leader On The Move</h1>
Tesla stock is charging forward, fueled by both solid fundamentals and strong technicals. Over the past year, Tesla stock has surged by 51.58%, a staggering 102.56% over the past six months, and 47.05% over the past month.
This growth isn't just a fluke; it's supported by Tesla&#8217;s dominant position in the EV market, its continual innovation, and an expanding global presence.
<figure class="wp-block-image size-full"><a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent120324&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="628" height="490" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/03094048/Screenshot-2024-12-03-at-8.09.55-PM.png" alt="" class="wp-image-674657" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/03094048/Screenshot-2024-12-03-at-8.09.55-PM.png 628w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/03094048/Screenshot-2024-12-03-at-8.09.55-PM-300x234.png 300w" sizes="(max-width: 628px) 100vw, 628px" /></a></figure>
<a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent120324&amp;t=be2bearmibe3na1">Chart created using Benzinga Pro</a>
From a technical standpoint, TSLA stock is in clear bullish territory, with the stock price comfortably above its five-, 20- and 50-day EMA (exponential moving averages). The current trend points to continued upside, with key indicators such as the eight-day SMA (simple moving average) ($344.68), 20-day SMA ($329.15) and 50-day SMA ($277.09) signaling strong momentum.
Even the 200-day SMA ($216.38) is supporting a bullish outlook, solidifying Tesla's position as a market leader.
Read Also: <a href="https://www.benzinga.com/24/12/42285783/tesla-bear-craig-irwin-turns-bullish-increases-price-target-from-85-to-380">Tesla Bear Craig Irwin Turns Bullish On EV Giant, Increases Price Target By 347%: &#8216;There Are Abundant Positive Catalysts&#8217;</a>
<h1 class="wp-block-heading">BYD's Stock Struggles: Is A Rebound In The Cards?</h1>
On the flip side, BYD has had a more challenging few months. The stock has dropped by 8.65% in the last month, despite a 25.79% gain over the past year. 
<figure class="wp-block-image size-full"><a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent120324&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="628" height="490" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/03094105/Screenshot-2024-12-03-at-8.10.28-PM.png" alt="" class="wp-image-674658" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/03094105/Screenshot-2024-12-03-at-8.10.28-PM.png 628w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/03094105/Screenshot-2024-12-03-at-8.10.28-PM-300x234.png 300w" sizes="(max-width: 628px) 100vw, 628px" /></a></figure>
<a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent120324&amp;t=be2bearmibe3na1">Chart created using Benzinga Pro</a>
Technically, BYD is in bearish territory, with the stock trading below its five, 20 and 50-day EMA. However, there's some buying pressure building, particularly with the eight-day SMA ($33.42) signaling a bullish shift. There&#8217;s buying pressure from near-term levels suggesting potential for recovery.
With BYD's plans to ramp up exports and enter new markets, the company is positioning itself to challenge Tesla on a broader scale. BYD remains a formidable player in the global EV market, with strong backing from China's green energy initiatives. Investors will be keeping a close eye on whether the company can regain its momentum and spark a reversal.
Tesla's premium play and BYD's mass-market focus paint a compelling picture of the EV landscape. While Tesla leads in innovation, BYD's affordability could make it a formidable contender in the long run. The EV battle between these two is just heating up — who will win the race?
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/news/global/24/12/42284511/tesla-china-sees-robust-demand-in-q4-with-registrations-up-14-2-yoy-so-far-expert-says-ev-giant-on-track-for-best-quarter-ever">Tesla China Sees Robust Demand In Q4, With Registrations Up 14.2% YoY So Far: Expert Says EV Giant On Track For &#8216;Best Quarter Ever&#8217;</a></li>
</ul>
Photo: Tesla, courtesy Tesla Inc; BYD via Shutterstock

Asia

Long Ideas

Technicals

Tesla Vs. BYD: The EV Duel Heats Up

China&#8217;s BYD Co. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDF#OTC">BYDDF</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>), Tesla Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) biggest electric vehicle rival, has quietly become a major force in Apple Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) manufacturing ecosystem, now assembling more than 30% of iPads while planning an ambitious artificial intelligence venture with Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>).
What Happened: The Shenzhen-based company, which <a href="https://www.benzinga.com/news/24/10/41647639/teslas-chinese-rival-byd-outshines-elon-musks-ev-giant-in-quarterly-revenue-for-first-time-since-202">surpassed Tesla in quarterly revenue</a> for the first time with $28 billion versus Tesla&#8217;s $25 billion in the third quarter of 2024, has dedicated approximately 100,000 employees to Apple&#8217;s supply chain, <a href="https://www.wsj.com/tech/building-apple-products-has-become-a-side-hustle-for-chinas-biggest-ev-maker-f26e251c?ref=biztoc.com">reported</a> The Wall Street Journal.
This partnership, which began around 2009, has evolved from basic component processing to crucial assembly operations.
Apple CEO Tim Cook acknowledged the significance of Chinese manufacturers during his November Beijing visit, his third this year, stating, &#8220;We could not do what we do without them.&#8221; The relationship has deepened despite U.S. efforts to reduce dependency on Chinese manufacturing.
Beyond iPad assembly, BYD has secured critical roles in iPhone production, including manufacturing titanium frames for the latest Pro models. 
The company&#8217;s precision manufacturing capabilities extend to both automotive and consumer electronics, with BYD Chairman Wang Chuanfu leveraging this dual expertise to forge partnerships with other tech giants like Xiaomi and Huawei.
See Also: <a href="https://www.benzinga.com/media/24/12/42259023/apple-partnership-ai-agents-and-major-infrastructure-investments-openai-executives-outline-strategy-to-attract-1b-users-by-2025">Apple Partnership, AI Agents, And Major Infrastructure Investments: OpenAI Executives Outline Strategy To Attract 1B Users By 2025</a>
Why It Matters: The company&#8217;s automotive division continues to show strong growth, with November 2024 sales reaching 506,804 new energy vehicles, <a href="https://www.benzinga.com/24/12/42259569/chinese-ev-behemoth-and-tesla-rival-byd-marks-68-growth-in-november-sales-on-rising-popularity-of-plug-in-hybrid-evs">a 68% year-over-year increase</a>. This success in both sectors has positioned BYD for its next venture: developing AI-powered manufacturing robots in collaboration with Nvidia.
Previously undisclosed details reveal that BYD and Apple&#8217;s <a href="https://www.benzinga.com/news/24/10/41372383/apple-had-a-hush-hush-relationship-with-teslas-chinese-rival-byd-for-now-abandoned-car-plans-cuperti">relationship included a secretive partnership</a> starting in 2017 to develop long-range electric vehicle batteries, though Apple has since abandoned its automotive ambitions. The collaboration influenced BYD&#8217;s current Blade battery system, now used across its entire vehicle lineup.
Warren Buffett&#8216;s Berkshire Hathaway, an early BYD investor since 2008, has witnessed the company&#8217;s transformation from a battery manufacturer to a <a href="https://www.benzinga.com/news/24/10/41372383/apple-had-a-hush-hush-relationship-with-teslas-chinese-rival-byd-for-now-abandoned-car-plans-cuperti">global technology powerhouse</a> straddling both the automotive and consumer electronics sectors.
Read Next:
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<li><a href="https://www.benzinga.com/news/management/24/12/42258470/jeep-marker-stellantis-ceo-carlos-tavares-resigns-amid-falling-us-sales-and-trade-pressures-board-cites-different-views">Jeep Marker Stellantis&#8217; CEO Carlos Tavares Resigns Amid Falling US Sales And Trade Pressures: Board Cites &#8216;Different Views&#8217;</a></li>
</ul>
Image Via Shuttesrtock 
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Global

AAPL

NVDA

BYD Surpassed Tesla In Quarterly Revenue For The First Time In Q3. It Assembles Over 30% Of iPads For Apple, And Is Now Planning To Build AI Robots For Nvidia

Chinese EV giant BYD Co Ltd. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDF#OTC">BYDDF</a>) said on Sunday that the company sold 506,804 new energy passenger vehicles in November, marking a jump of nearly 68% from last year, thanks to a major jump in plug-in hybrid passenger vehicle sales.
What Happened:&nbsp;Pure passenger EV (battery electric vehicle) sales of the Chinese player rose to 198,065 in November, marking a rise of 16.4% from the corresponding month of last year.
Plug-in hybrid passenger vehicle sales in the period rose 133% to 305,938 units.
The company also sold 2,801 commercial vehicles in November, including 449 buses.
Why It Matters: BYD is the biggest rival to American EV giant Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>). The company <a href="https://www.benzinga.com/news/24/01/36839203/warren-buffett-backed-byd-sees-higher-profits-for-fy23-after-taking-over-tesla-as-biggest-ev-seller" target="_blank" rel="noreferrer noopener">took over Tesla</a> as the world&#8217;s largest BEV seller in the fourth quarter of 2023. However, Tesla took back the crown in the first quarter of 2024 and has been holding on to it since.
For the third quarter between July and September, BYD&#8217;s operating revenue rose 24% to&nbsp;<a href="https://www.benzinga.com/news/24/10/41647639/teslas-chinese-rival-byd-outshines-elon-musks-ev-giant-in-quarterly-revenue-for-first-time-since-202" target="_blank" rel="noreferrer noopener">201.12 billion yuan ($28.25 billion)</a>, the company said in a filing.
Tesla, meanwhile,&nbsp;<a href="https://www.benzinga.com/news/earnings/24/10/41501607/tesla-q3-earnings-highlights-eps-beat-revenue-miss-shares-climb-on-2025-timeline-for-lower-cost-evs" target="_blank" rel="noreferrer noopener">reported a total revenue</a>&nbsp;of only $25.18 billion in the same quarter, making it the first time since 2022 that BYD has trumped&nbsp;Elon Musk's&nbsp;EV giant in quarterly revenue. BYD stopped making combustion engine vehicles in March 2022 to focus on electric vehicles.<a href="https://www.benzinga.com/quote/tsla" target="_blank" rel="noreferrer noopener"></a>
Despite reporting higher revenue than Tesla in the third quarter, BYD's net profit continued to trail behind<a href="https://www.benzinga.com/news/earnings/24/10/41501607/tesla-q3-earnings-highlights-eps-beat-revenue-miss-shares-climb-on-2025-timeline-for-lower-cost-evs" target="_blank" rel="noreferrer noopener">&nbsp;Tesla's net income of $2.167 billion</a>. The company reported a diluted earnings per share of 4 yuan (56 cents) for the quarter, lower than Tesla's adjusted earnings per share of 72 cents. Tesla, however, makes only battery electric vehicles, unlike BYD which also manufactures plug-in hybrids. 
BYD Executive Vice President&nbsp;He Zhiqi&nbsp;<a href="https://www.benzinga.com/news/24/11/41706373/tesla-rival-byd-hired-over-200k-employees-in-3-months-to-speed-up-ev-production">said on Weibo</a> in November that the company hired over 200,000 people from August to October&nbsp;for car and components manufacturing and increased production by nearly 200,000 vehicles.
In November alone, the company made 540,588 new energy vehicles as compared to 316,510 in the corresponding month of 2023. 
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link.</a>
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Photo courtesy: Shutterstock

Tesla Rival BYD Marks 68% Growth In November Sales Driven By Popularity Of Plug-In Hybrid EVs

Amid rising tensions over trade policies, Mexico faces a dilemma regarding a potential investment from Chinese electric vehicle manufacturer&nbsp;BYD (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDF#OTC">BYDDF</a>). This comes as President-elect&nbsp;Donald Trump&nbsp;<a href="https://www.benzinga.com/24/11/42178994/trump-says-he-will-impose-25-tariffs-on-canada-mexico-on-first-day-of-office-and-extra-tariffs-on-china-until-they-pay-attention">plans&nbsp;to impose a 25%</a> tariff&nbsp;on Mexican goods, raising concerns about the implications of hosting a Chinese EV factory.
What Happened: BYD is in the final stages of planning a new factory in Mexico. The company is negotiating with Mexican state officials to establish the&nbsp;factory near one of the&nbsp;country&#8217;s&nbsp;automotive hubs in central or&nbsp;northern Mexico. However, Trump&#8217;s tariff threats have complicated these plans. 
Mexico, a significant car manufacturing hub, typically welcomes foreign investment for job creation. Yet, officials are wary that a BYD plant might signal to Trump that Mexico is facilitating Chinese companies&#8217; access to the U.S. market, Wall Street Journal <a href="https://www.wsj.com/business/autos/mexico-gets-cold-feet-over-new-chinese-ev-plant-after-trump-win-3b92f1c3">reported</a> on Tuesday.
"At this time, investments from China have to be analyzed with extreme caution," said Eduardo Solís, the former president of the Mexican Association of the Automotive Industry.
"Mexico has to present itself with a business card that says: reliable partner of North America."
See Also:&nbsp;<a href="https://www.benzinga.com/trading-ideas/movers/24/11/42119433/sharkninja-a-china-hustle-based-on-rampant-looting-short-report?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">SharkNinja A &#8216;China Hustle Based On Rampant Looting&#8217;: Short Report</a>
Trump&#8217;s tariff threat is part of broader issues, including immigration and fentanyl smuggling. Mexico is working to assure the U.S. and Canada that it is not a conduit for Chinese goods as talks on the U.S.-Mexico-Canada Agreement are set to begin next year. Eduardo Solís, a former leader of Mexico's automotive industry association, emphasized the need for caution with Chinese investments, stating Mexico must present itself as a reliable North American partner.
Why It Matters: BYD&nbsp;had previously <a href="https://www.benzinga.com/markets/equities/24/09/40693961/chinas-ev-giant-byd-reportedly-delays-mexico-move-eyes-us-election-results-before-big-investment">delayed its investment</a> in Mexico, awaiting the outcome of the U.S. election. The company aims to sell 100,000 electric vehicles in Mexico by 2025, despite potential tariff challenges.&nbsp;BYD&nbsp;plans to reveal the location of its first Mexican factory by <a href="https://www.benzinga.com/news/24/10/41246093/byd-targets-100k-ev-sales-in-mexico-by-2025-as-trump-vows-200-tariffs-on-chinese-made-cars-in-north">the end of the year</a>, with an initial production capacity of 150,000 vehicles.
Trump&#8217;s proposed tariffs are part of a broader strategy to address border issues and drug smuggling, with additional tariffs on Chinese imports until these issues are resolved. 
Read Next:&nbsp;
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Disclaimer: This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.
Image via Shutterstock

Amid Trump's Plans To Impose 25% Tariffs, Mexico Fears BYD New Factory In Country Would Send Wrong Message: 'Investments From China Have To Be Analyzed With Extreme Caution'

Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) China sales are picking up momentum despite trailing behind Chinese EV maker BYD Co Ltd (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>).
What Happened: Insurance registrations for Tesla vehicles in China came in at 17,100 units for the week ended November 17, down 1.16% from 17,300 in the previous week, <a href="https://cnevpost.com/2024/11/19/china-ev-insurance-registrations-week-ending-nov-17-2024/">reported</a> CnEVPost, citing data shared by Li Auto.
BYD, however, topped Tesla with&nbsp;94,700 insurance registrations in the period, up 10.24 percent from 85,900 vehicles registered the week before. The Chinese EV maker, however, makes both battery electric vehicles and plug-in hybrids, unlike Tesla.
EV startup Li Auto is following Tesla close on heels with weekly registrations touching 12,300 last week. China's newest EV entrant, Xiaomi, also had 5,700 insurance registrations last week. Insurance registrations in China are considered a proxy for sales.
Analyst Take:&nbsp;Tesla Bull&nbsp;and The Future Fund Managing Partner Gary Black deems the latest insurance registration numbers as positive. 
"After 7 weeks, TSLA China 4th quarter is +19.3% YoY and -0.2% QoQ. This was the highest 7th week of a quarter ever," Black wrote. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/search?q=%24TSLA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$TSLA</a> China reported 17.1K insured deliveries for the week of Nov 11-17. After 7 weeks, TSLA China 4th quarter is +19.3% YoY and -0.2% QoQ. This was the highest 7th week of a quarter ever. Sources: <a href="https://twitter.com/piloly?ref_src=twsrc%5Etfw">@piloly</a> <a href="https://twitter.com/Tslachan?ref_src=twsrc%5Etfw">@Tslachan</a> <a href="https://t.co/2AapoLlAbE">pic.twitter.com/2AapoLlAbE</a>
&mdash; Gary Black (@garyblack00) <a href="https://twitter.com/garyblack00/status/1858744033666912710?ref_src=twsrc%5Etfw">November 19, 2024</a></blockquote>
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Why It Matters:&nbsp;Tesla has to deliver at least 514,926 EVs globally in the last quarter if it is to beat its 2023 delivery number of nearly 1.81 million. China is Tesla's&nbsp;<a href="https://www.benzinga.com/news/24/06/39393504/tesla-rolls-out-upgraded-model-3-performance-to-chinese-customers" target="_blank" rel="noreferrer noopener">second-largest market&nbsp;</a>after the U.S., making deliveries in the region key to realizing Tesla&#8217;s annual delivery goal. 
However, Tesla has never managed to deliver over 500,000 EVs in a quarter to date, making this an&nbsp;<a href="https://www.benzinga.com/tech/24/11/41894615/tesla-q4-deliveries-expected-to-set-new-records-but-not-enough-to-avoid-yearly-sales-decline-says-researcher" target="_blank" rel="noreferrer noopener">ambitious target.</a>
In the third quarter, Tesla reported deliveries of 462,890 vehicles, up 6.4% year-over-year and up 4.3% quarter-over-quarter.
Deliveries fell 8.5% year-on-year in the first quarter and by 4.8% in the second quarter.
Price Action: Tesla&#8217;s stock is down 0.33% in premarket trading on Tuesday. Year-to-date, the Tesla stock has gained 36.4%, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>.
Check out more of Benzinga's Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link.</a>
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Photo courtesy: Shutterstock

Tesla China's Weekly Insurance Registrations Points Towards Strong Q4 In Key Market

Chinese EV giant BYD Co Ltd (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>) has made nearly a million new energy vehicles in less than two months, the company said in a post on social media X on Monday.
What Happened: &#8220;BYD celebrated its 30th anniversary with the roll-off of its 10 millionth NEV, marking a significant milestone in sustainable automotive innovation,&#8221; the company wrote. 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">BYD celebrated its 30th anniversary with the roll-off of its 10 millionth NEV, marking a significant milestone in sustainable automotive innovation. Chairman and President Mr. Wang Chuanfu reflected on BYD&#39;s journey and commitment to technological advancement, emphasizing its… <a href="https://t.co/4PvXF8Tare">pic.twitter.com/4PvXF8Tare</a>
&mdash; BYD (@BYDCompany) <a href="https://twitter.com/BYDCompany/status/1858653768256286910?ref_src=twsrc%5Etfw">November 18, 2024</a></blockquote>
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NEV or new energy vehicles refers to both battery electric vehicles and plug-in hybrid vehicles. 
BYD made its <a href="https://www.benzinga.com/news/24/09/41043074/byd-makes-a-red-yangwang-u9-supercar-for-its-9-millionth-new-energy-vehicle">nine millionth NEV</a> &#8211; a red Yangwang U9 &#8211; in late September, implying that the company made nearly a million vehicles in less than two months.
BYD Executive Vice President&nbsp;He Zhiqi&nbsp;said on Weibo earlier this month that the company hired over 200,000 people from August to October&nbsp;for car and components manufacturing and increased production by nearly 200,000 vehicles.
According to BYD, the company made over 1.3 million NEVs in the three months from August to October, compared to nearly 900,000 units that it manufactured in the corresponding period of last year.
Why It Matters: For the third quarter between July and September, BYD&#8217;s operating revenue rose 24% to&nbsp;<a href="https://www.benzinga.com/news/24/10/41647639/teslas-chinese-rival-byd-outshines-elon-musks-ev-giant-in-quarterly-revenue-for-first-time-since-202" target="_blank" rel="noreferrer noopener">201.12 billion yuan ($28.25 billion)</a>, the company said in a filing late last month.
BYD's American rival&nbsp;Tesla Inc.&nbsp;<a href="https://www.benzinga.com/news/earnings/24/10/41501607/tesla-q3-earnings-highlights-eps-beat-revenue-miss-shares-climb-on-2025-timeline-for-lower-cost-evs" target="_blank" rel="noreferrer noopener">reported a total revenue</a>&nbsp;of only $25.18 billion in the same quarter, making it the first time since 2022 that BYD has trumped&nbsp;Elon Musk's&nbsp;EV giant in quarterly revenue. BYD stopped making combustion engine vehicles in March 2022 to focus on electric vehicles.<a href="https://www.benzinga.com/quote/tsla" target="_blank" rel="noreferrer noopener"></a>
Despite reporting higher revenue than Tesla in the third quarter, BYD's net profit continued to trail behind <a href="https://www.benzinga.com/news/earnings/24/10/41501607/tesla-q3-earnings-highlights-eps-beat-revenue-miss-shares-climb-on-2025-timeline-for-lower-cost-evs" target="_blank" rel="noreferrer noopener">Tesla's net income of $2.167 billion</a>. The company reported a diluted earnings per share of 4 yuan (56 cents) for the quarter, lower than Tesla's adjusted earnings per share of 72 cents.
BYD has sold over 3.25 million vehicles since the start of this year as of the end of October, marking a growth of about 36% from the corresponding period last year. In October alone, the company sold over half a million vehicles, marking a jump of about 36% from October 2023.
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link.</a>
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Photo courtesy: Shutterstock

BYD Makes A Million NEVs In Less Than 2 Months After Beating Tesla For The First Time Since 2022 In Quarterly Revenue

<ul>
<li>Singing Machine will be launching a globally available in-car karaoke microphone, designed to fully integrate with Stingray Karaoke app and BYD's infotainment system in its vehicles. The first-of-its-kind partnership will have enhanced karaoke features and proprietary technology that allows for unique vocal enhancements such as vocal effects and live pitch-detection for karaoke scoring.</li>
<li>Singing Machine's new microphones, co-developed with BYD Automotive Product Strategy and the New Technology Research Institute, will be manufactured by BYD Electronics and are set to debut during Black Friday events in Brazil and Christmas events in Europe. Starting in early 2025, this feature will be available in an expanding range of BYD vehicles worldwide. Consumers may check with their local dealerships for availability updates.</li>
</ul>

Contracts

RIME

Algorhythm's Subsidiary, Singing Machine Has Entered Into A Strategic Partnership Deal With BYD And Stingray, Starting In Early 2025, This Feature Will Be Available In An Expanding Range Of BYD Vehicles Worldwide

BYD Co., Ltd. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>), the Chinese electric vehicle (EV) giant, is reportedly set to expand its footprint in South Korea&#8217;s passenger car market next year, following its successful <a target="_blank" href="https://www.benzinga.com/news/24/11/41706373/tesla-rival-byd-hired-over-200k-employees-in-3-months-to-speed-up-ev-production" rel="noreferrer noopener">entry into the local commercial vehicle sector years ago.</a>
The company&#8217;s South Korean subsidiary, BYD Korea, has completed its preparations to launch passenger car models in the domestic market, with an expected rollout scheduled for early 2025, <a target="_blank" href="https://cnevpost.com/2024/11/13/byd-south-korean-passenger-car-market-2025/" rel="noreferrer noopener">reported</a> CnEV Post.
Per a <a target="_blank" href="https://www.teslarati.com/byd-south-korea-auto-market/" rel="noreferrer noopener">report</a> by Teslarati, BYD joined the South Korean market in 2016 with commercial vehicles like buses, forklifts, and trucks. The BYD Seal model is reportedly set to rival the Tesla Model 3 and Hyundai IONIQ 6 in South Korea, two dominant players in the market.
This move comes as BYD continues to make waves in the global automotive industry.
Despite not manufacturing traditional combustion engine vehicles, the company has been rapidly closing in on Ford Motor&#8217;s global sales, with its EV-focused model gaining significant market share.
Also Read: <a target="_blank" href="https://www.benzinga.com/24/11/41874691/chinese-ev-maker-byd-is-now-closing-in-on-fords-global-sales-volume-after-beating-tesla-in-revenue" rel="noreferrer noopener">Chinese EV Maker BYD Edges Closer To Ford&#8217;s Sales Volume After Beating Tesla In Revenue Race</a>
As of October 2024, BYD has sold over 3.25 million vehicles, marking a 36% year-on-year increase. In October alone, the company surpassed half a million units sold, showing impressive growth from the same period in 2023.
If this growth trajectory continues through the end of the year, BYD&#8217;s 2024 sales could exceed 4 million vehicles, positioning the company to potentially surpass Ford, which sold 4.4 million vehicles globally in 2023.
Turning to its South Korean expansion, BYD Korea is actively building a regional network for passenger vehicle sales and services, CnEV Post added.
The company is currently focused on recruiting staff, obtaining necessary vehicle certifications, and finalizing marketing and employee training plans. BYD&#8217;s entry into the South Korean consumer EV market is expected to increase competition in the country&#8217;s growing low-cost EV segment, where domestic players Hyundai Motor and Kia have already started rolling out more affordable electric models.
Image via Shutterstock
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BYD To Enter South Korea's Passenger Car Market In 2025, Challenging Tesla Model 3 And Hyundai IONIQ 6: Report

Chinese EV maker BYD Co Ltd (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>) is closing in fast on Michigan-based Ford Motor Co&#8216;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>) global sales despite the former not manufacturing combustion engine vehicles. 
What Happened: BYD has sold over 3.25 million vehicles since the start of this year as of the end of October, marking a growth of about 36% from the corresponding period last year. In October alone, the company sold over half a million vehicles, marking a jump of about 36% from October 2023. 
If BYD&#8217;s 2024 sales were to increase by 36% through the end of the year, its sales would cross over 4 million. Ford sold just 4.4 million vehicles to dealerships across the world in 2023.
According to a <a href="https://www.bloomberg.com/news/articles/2024-11-11/byd-closing-in-on-ford-deliveries-after-besting-tesla-on-revenue">report</a> from Bloomberg, BYD now has the chance to beat Ford in terms of annual sales, thereby cementing its position as a top 10 automaker globally. Ford has been selling nearly 1.1 million vehicles worldwide on average for the past three quarters, the report noted.
Why It Matters: BYD Executive Vice President&nbsp;He Zhiqi said on Weibo earlier this month that the company hired over 200,000 people from August to October&nbsp;for car and components manufacturing and increased production by nearly 200,000 vehicles. 
According to BYD, the company made over 1.3 million NEVs in the three months from August to October, compared to nearly 900,000 units that it manufactured in the corresponding period of last year.
For the third quarter between July and September, BYD's operating revenue rose 24% to&nbsp;<a href="https://www.benzinga.com/news/24/10/41647639/teslas-chinese-rival-byd-outshines-elon-musks-ev-giant-in-quarterly-revenue-for-first-time-since-202" target="_blank" rel="noreferrer noopener">201.12 billion yuan ($28.25 billion)</a>, the company said in a filing late last month.
BYD&#8217;s American rival&nbsp;Tesla Inc.&nbsp;<a href="https://www.benzinga.com/news/earnings/24/10/41501607/tesla-q3-earnings-highlights-eps-beat-revenue-miss-shares-climb-on-2025-timeline-for-lower-cost-evs" target="_blank" rel="noreferrer noopener">reported a total revenue</a>&nbsp;of only $25.18 billion in the same quarter, making it the first time since 2022 that BYD has trumped&nbsp;Elon Musk&#8217;s&nbsp;EV giant in quarterly revenue. BYD stopped making combustion engine vehicles in March 2022 to focus on electric vehicles.<a href="https://www.benzinga.com/quote/tsla" target="_blank" rel="noreferrer noopener"></a>
Despite reporting higher revenue than Tesla in the third quarter, BYD&#8217;s net profit continued to trail behind<a href="https://www.benzinga.com/news/earnings/24/10/41501607/tesla-q3-earnings-highlights-eps-beat-revenue-miss-shares-climb-on-2025-timeline-for-lower-cost-evs" target="_blank" rel="noreferrer noopener">&nbsp;Tesla&#8217;s net income of $2.167 billion</a>. The company reported a diluted earnings per share of 4 yuan (56 cents) for the quarter, lower than Tesla&#8217;s adjusted earnings per share of 72 cents.
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link.</a>
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Photo courtesy: BYD

Chinese EV Maker BYD Edges Closer To Ford's Sales Volume After Beating Tesla In Revenue Race

Wedbush Securities predicts Tesla Inc.&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) artificial intelligence initiatives could see major gains under a Trump presidency, despite potential headwinds for the <a href="https://www.benzinga.com/news/24/11/41768178/donald-trump-defeats-kamala-harris-to-win-2024-election">broader electric vehicle sector</a>. 
What Happened: Dan Ives, a leading analyst at Wedbush Securities, projects that Donald Trump&#8216;s return to the White House could significantly boost Tesla&#8217;s AI ambitions, potentially unlocking &#8220;$1 trillion of incremental AI valuation&#8221; for the electric vehicle maker over the coming years.
However, the outlook for the broader EV industry appears mixed. Tesla CEO Elon Musk, who actively campaigned for Trump, has acknowledged that the incoming administration would likely eliminate EV subsidies and tax credits, as discussed during Tesla&#8217;s second-quarter earnings call.
&#8220;We believe Trump in the White House changes the landscape for Elon Musk and Tesla,&#8221; Ives said during an appearance on CNBC&#8217;s Squawk Street. The analyst characterized Musk&#8217;s alignment with Trump as a &#8220;major strategic bet&#8221; that could prove &#8220;very bullish for Tesla&#8217;s AI/autonomous story.&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">We believe Trump in the White House changes the landscape for <a href="https://twitter.com/elonmusk?ref_src=twsrc%5Etfw">@elonmusk</a> and <a href="https://twitter.com/Tesla?ref_src=twsrc%5Etfw">@Tesla</a> and will start the unlock the $1 trillion of incremental AI valuation in the Tesla story in our view over the coming years <a href="https://twitter.com/SquawkStreet?ref_src=twsrc%5Etfw">@SquawkStreet</a> &#x1f525;&#x1f3c6;&#x1f402;&#x1f37f; <a href="https://t.co/nDyomh80F7">https://t.co/nDyomh80F7</a>
&mdash; Dan Ives (@DivesTech) <a href="https://twitter.com/DivesTech/status/1854307652056015007?ref_src=twsrc%5Etfw">November 6, 2024</a></blockquote>
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See Also: <a href="https://www.benzinga.com/general/politics/24/11/41790636/kamala-harris-concedes-calls-for-unity-commitment-to-democracy">Kamala Harris Concedes: Calls For Unity, Commitment To Democracy</a>
Why It Matters: The firm projects Tesla&#8217;s <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/41766869/trump-win-biggest-positive-for-elon-musks-tesla-tech-bull-says-it-could-boost-ev-gi">stock could see a $40-$50 price increase under a Trump presidency</a>, representing a potential upside of 16% to 20% based on current trading levels. Analysts attribute this positive outlook to Tesla&#8217;s established market position and manufacturing capabilities.
&#8220;We believe a Trump presidency would be an overall negative for the EV industry as likely the EV rebates/tax incentives get pulled,&#8221; Wedbush analysts wrote on Tuesday. &#8220;However, for Tesla, we see this as a potential positive with some caveats.&#8221;
Beyond Tesla, Ives anticipates significant AI initiatives that could benefit other <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/41766869/trump-win-biggest-positive-for-elon-musks-tesla-tech-bull-says-it-could-boost-ev-gi">major tech players</a>, including Microsoft Corp., Amazon.com Inc., Alphabet Inc.&#8216;s Google, and Palantir Technologies Inc.
The analysis comes as Trump prepares to <a href="https://www.benzinga.com/news/24/11/41768178/donald-trump-defeats-kamala-harris-to-win-2024-election">assume office as the 47th president of the United States</a>, marking a period of potential transformation for both the technology and automotive sectors.
Price Action: Tesla Inc. showcased a standout performance on Wednesday, closing up 14.75% at $288.53, marking a significant single-day gain that brought its year-to-date rise to 16.15%. 
In contrast, key U.S.-based EV competitors struggled considerably, including Rivian Automotive Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>) and Nio Inc. (NYSE: NIO). Rivian dropped 8.31% to $9.71, extending its challenging 2024 trajectory with a year-to-date decline of 53.98%. Nio fell 5.30% to $5.00, with a year-to-date slide of 40.62%.
Chinese EV maker Xpeng Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XPEV#NYSE">XPEV</a>) and leading Chinese hybrid-electric giant BYD Company (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>) also experienced losses, albeit to a lesser extent. Xpeng closed down 3.98% at $12.30, while BYD dropped 4.53% to $71.93, though BYD remains a strong performer overall, up 33.95% year-to-date.
On the ETF side, Tesla&#8217;s momentum mirrored that of Simplify Volt RoboCar Disruption and Tech ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VCAR#NYSE">VCAR</a>), which surged 18.48% on Tuesday. However, the broader EV sector showed mixed results, with the SPDR S&amp;P Kensho Smart Mobility ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HAIL#NYSE">HAIL</a>) increasing by only 1.23%, according to <a href="https://pro.benzinga.com/dashboard">data from Benzinga Pro</a>.
Read Next: 
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<li><a href="https://www.benzinga.com/markets/equities/24/11/41785495/us-treasuries-take-sharpest-plunge-in-a-year-ahead-of-fed-meeting-could-powell-adjust-stance-in-">US Treasuries Take Sharpest Plunge In A Year Ahead Of Fed Meeting: Could Powell Adjust Stance In Response To Trump?</a></li>
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Image Via Shutterstock 
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

HAIL

Simplify Volt RoboCar Disruption and Tech ETF

VCAR

Trump White House Could Unlock Trillion-Dollar AI Potential For Tesla, Says Dan Ives

Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) shares slid over 2% in pre-market trading on Monday after China Passenger Car Association (CPCA) data showed that its deliveries of China-made vehicles in October dropped 5.3% compared to the corresponding period last year.
What Happened: Tesla China sold 68,280 vehicles in October, including exports, CnEVPost <a href="https://cnevpost.com/2024/11/04/tesla-china-sells-68280-cars-oct-2024/">reported</a>, citing CPCA data. 
This is the lowest number of vehicles sold by Tesla China this year since April and marks a drop of 5.32% from October 2023 and a steep slide of 22.7% from September. 
Tesla&#8217;s rival BYD Co Ltd (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>), meanwhile, sold 502,657 new energy vehicles in October, including battery electric vehicles and plug-in hybrids, marking a growth of 66.5% from October 2023. 
Why It Matters: Elon Musk-led company&#8217;s gigafactory in Shanghai manufactures Model 3 and Model Y for sale in China as well as export to countries including the UK. According to Tesla's third-quarter shareholder report, the gigafactory in Shanghai has an annual vehicle production capacity of over 950,000 vehicles, implying a daily maximum capacity of about 2,603 vehicles.
For the full year 2023, Tesla delivered 1,808,581 vehicles around the globe. To mark a growth over last year, the company has to deliver at least 514,926 vehicles in the three months through the end of December.
Price Action: Tesla shares closed down 0.35% at $248.98 on Friday. The stock is up by 0.2% year-to-date, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>. 
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link.</a>
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</ul>
Image via Tesla

Tesla Shares Slide In Pre-Market As Sales Of Elon Musk-Led Company's Made-In-China EVs Drop In October

Chinese EV giant BYD Co Ltd (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDF#OTC">BYDDF</a>) hired over 200,000 people from August to October for car and components manufacturing and increased production by nearly 200,000 new energy vehicles, according to the company&#8217;s Executive Vice President He Zhiqi said on Weibo on Saturday.
What Happened: According to BYD, the company made over 1.3 million NEVs in the three months from August to October, compared to nearly 900,000 units that it manufactured in the corresponding period of last year.
New energy vehicles refer to both battery-electric vehicles and plug-in hybrids.
A whopping majority of the vehicles produced in the period were passenger plug-in hybrid vehicles. The company produced over 800,000 units of PHEVs in the period and nearly 500,000 battery-electric vehicles. 
Why It Matters: For the third quarter between July and September, BYD&#8217;s operating revenue rose 24% to <a href="https://www.benzinga.com/news/24/10/41647639/teslas-chinese-rival-byd-outshines-elon-musks-ev-giant-in-quarterly-revenue-for-first-time-since-202">201.12 billion yuan ($28.25 billion)</a>, the company said in a filing late last month.
BYD's American rival Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) <a href="https://www.benzinga.com/news/earnings/24/10/41501607/tesla-q3-earnings-highlights-eps-beat-revenue-miss-shares-climb-on-2025-timeline-for-lower-cost-evs">reported a total revenue</a> of only $25.18 billion in the same quarter, making it the first time since 2022 that BYD has trumped Elon Musk's EV giant in quarterly revenue. BYD stopped making combustion engine vehicles in March 2022 to focus on electric vehicles.
Despite reporting higher revenue than Tesla in the third quarter, BYD's net profit continues to trail behind<a href="https://www.benzinga.com/news/earnings/24/10/41501607/tesla-q3-earnings-highlights-eps-beat-revenue-miss-shares-climb-on-2025-timeline-for-lower-cost-evs" target="_blank" rel="noreferrer noopener">&nbsp;Tesla's net income of $2.167 billion</a>. The company reported a diluted earnings per share of 4 yuan (56 cents) for the quarter, lower than Tesla's adjusted earnings per share of 72 cents.
Check out more of Benzinga's Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link.</a>
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<li><a href="https://www.benzinga.com/news/24/11/41705641/elon-musks-mother-slams-biden-snubbing-tesla-at-ev-summit-3-years-ago-as-the-worst-thing-that-happen">Elon Musk&#8217;s Mother Slams Biden Snubbing Tesla At EV Summit 3 Years Ago As The &#8216;Worst Thing That Happened&#8217; To EV Giant</a></li>
</ul>
Photo courtesy: Shutterstock

Tesla Rival BYD Hired Over 200K Employees In 3 Months To Speed Up EV Production

Chinese EV giant BYD Co Ltd (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDF#OTC">BYDDF</a>) on Wednesday reported a net profit of $11.6 billion yuan ($1.63 billion) for the third quarter, marking a growth of 11.5% from the corresponding period last year.
What Happened: Operating revenue of BYD rose 24% in the period to 201.12 billion yuan ($28.25 billion), the company said in a filing.
BYD&#8217;s American rival Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) reported a total revenue of only $25.18 billion in the same quarter, making this the first time since 2022 that BYD has trumped Elon Musk&#8217;s EV giant in quarterly revenue. BYD stopped making combustion engine vehicles in March 2022 to focus on electric vehicles.
BYD, however, sells plug-in hybrids in addition to battery electric vehicles. Tesla, on the other hand, sells only battery-powered electric vehicles. 
BYD sold 1.13 million vehicles worldwide in the third quarter with BEVs accounting for 443,426 of it. Tesla, however, trumped BYD in battery electric vehicle sales with 462,890 units delivered in the period. 
Why It Matters: In the last quarter of 2023, <a href="https://www.benzinga.com/news/24/01/36839203/warren-buffett-backed-byd-sees-higher-profits-for-fy23-after-taking-over-tesla-as-biggest-ev-seller">BYD had trumped Tesla in BEV sales</a> and its revenue for the period closed in on Tesla&#8217;s but missed narrowly. The American EV giant reclaimed the title of the world&#8217;s best-selling BEV maker in the first quarter of 2024 and has been holding on to it since. 
Despite reporting higher revenue than Tesla in the third quarter, BYD&#8217;s net profit continues to trail behind<a href="https://www.benzinga.com/news/earnings/24/10/41501607/tesla-q3-earnings-highlights-eps-beat-revenue-miss-shares-climb-on-2025-timeline-for-lower-cost-evs"> Tesla&#8217;s net income of $2.167 billion</a>. The company reported a diluted earnings per share of 4 yuan (56 cents) for the quarter, lower than Tesla&#8217;s adjusted earnings per share of 72 cents. 
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link.</a>
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Photo via Shutterstock

Chinese EV Behemoth BYD Tops Tesla's Revenue For First Time Since 2022 In Q3

Growth stocks are attractive to many investors, as above-average financial growth helps these stocks easily grab the market&#39;s attention and produce exceptional returns. But finding a great growth stock is not easy at all.
In addition to volatility, these stocks carry above-average risk by their very nature. Also, one could end up losing from a stock whose growth story is actually over or nearing its end.
However, the Zacks Growth Style Score (part of the <a href="https://www.zacks.com/style-scores-education/" target="_blank">Zacks Style Scores</a> system), which looks beyond the traditional growth attributes to analyze a company&#39;s real growth prospects, makes it pretty easy to find cutting-edge growth stocks.
Byd Co., Ltd. (OTC: <a class="ticker" href="https://www.benzinga.com/stock/byddy#OTC">BYDDY</a>) is on the list of such stocks currently recommended by our proprietary system. In addition to a favorable Growth Score, it carries a top Zacks Rank.
Research shows that stocks carrying the best growth features consistently beat the market. And for stocks that have a combination of a Growth Score of A or B and a Zacks Rank #1 (Strong Buy) or 2 (Buy), returns are even better.
While there are numerous reasons why the stock of this company is a great growth pick right now, we have highlighted three of the most important factors below:
<h3>Earnings Growth</h3>
Earnings growth is arguably the most important factor, as stocks exhibiting exceptionally surging profit levels tend to attract the attention of most investors. And for growth investors, double-digit earnings growth is definitely preferable, and often an indication of strong prospects (and stock price gains) for the company under consideration.
While the historical EPS growth rate for Byd Co. is 129.7%, investors should actually focus on the projected growth. The company&#39;s EPS is expected to grow 19.5% this year, crushing the industry average, which calls for EPS growth of -8.1%.
<h3>Impressive Asset Utilization Ratio</h3>
Asset utilization ratio -- also known as sales-to-total-assets (S/TA) ratio -- is often overlooked by investors, but it is an important indicator in growth investing. This metric exhibits how efficiently a firm is utilizing its assets to generate sales.
Right now, Byd Co. has an S/TA ratio of 1.04, which means that the company gets $1.04 in sales for each dollar in assets. Comparing this to the industry average of 0.61, it can be said that the company is more efficient.
While the level of efficiency in generating sales matters a lot, so does the sales growth of a company. And Byd Co. is well positioned from a sales growth perspective too. The company&#39;s sales are expected to grow 21.9% this year versus the industry average of 0.3%.
<h3>Promising Earnings Estimate Revisions</h3>
Superiority of a stock in terms of the metrics outlined above can be further validated by looking at the trend in earnings estimate revisions. A positive trend is of course favorable here. Empirical research shows that there is a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
There have been upward revisions in current-year earnings estimates for Byd Co. The Zacks Consensus Estimate for the current year has surged 2.4% over the past month.
<h3>Bottom Line</h3>
While the overall earnings estimate revisions have made Byd Co. a Zacks Rank #1 stock, it has earned itself a Growth Score of B based on a number of factors, including the ones discussed above.
You can see <a href="https://www.zacks.com/stocks/buy-list/?ADID=zp_1link&amp;ICID=zpi _1link" target="_blank">the complete list of today&#39;s Zacks #1 Rank (Strong Buy) stocks here</a>.
This combination indicates that Byd Co. is a potential outperformer and a solid choice for growth investors.
<a href="https://www.zacks.com/stock/news/2356149/is-byd-co-byddy-a-solid-growth-stock-3-reasons-to-think-yes?cid=CS-BENZ-FT-tale_of_the_tape|yseop_template_11_growth-2356149">To read this article on Zacks.com click here.</a>

Earnings

Is Byd Co. A Solid Growth Stock? 3 Reasons To Think "Yes"

The European Union's NIS 2 cybersecurity directive, now enforceable, mandates companies to bolster their cybersecurity<a target="_blank" href="https://www.benzinga.com/news/24/10/41380184/as-apple-microsoft-battle-eu-regulations-this-new-cybersecurity-rule-can-cost-companies-up-to-10m-if" rel="noreferrer noopener"> practices or face hefty fines</a>.
Chinese researchers have successfully used&nbsp;D-Wave‘s quantum annealing systems to break classic encryption RSA, potentially accelerating the timeline for when quantum computers could pose a&nbsp;real threat to widely <a target="_blank" href="https://www.benzinga.com/news/24/10/41325429/chinese-researchers-use-quantum-computers-to-reportedly-crack-rsa-encryption-raising-alarms-in-cyber" rel="noreferrer noopener">used cryptographic systems</a>.
Republican presidential nominee&nbsp;Donald Trump's&nbsp;2024 campaign has decided not to advertise on&nbsp;Snap Inc.&#8216;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNAP#NYSE">SNAP</a>) Snapchat, a <a target="_blank" href="https://www.benzinga.com/news/24/10/41373962/trump-campaigns-snapchat-absence-potentially-gives-harris-edge-among-young-voters" rel="noreferrer noopener">platform favored by young voters</a>.
Amid growing concerns from the U.S. about the potential diversion of advanced chip technology to China, the UAE has assured its commitment <a target="_blank" href="https://www.benzinga.com/news/24/10/41350661/amid-fear-of-chinas-access-to-nvidia-amd-chips-through-middle-east-this-ceo-assures-uae-reliable-par" rel="noreferrer noopener">to safeguarding these technologies</a>.
The assurance comes as the Biden administration considers imposing restrictions on chip sales from NVIDIA Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) and Advanced Micro Devices, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>) <a href="https://www.benzinga.com/news/24/10/41323155/nvidia-amd-face-chip-export-curbs-as-biden-administration-considers-restrictions-on-middle-east-coun">to the Middle East</a>.
Gaming
The latest figures from Circana reveal a dip in U.S. video game spending for August 2024, with total expenditure dropping 7% year-on-year to&nbsp;$4.1 billion. Hardware sales fell 36%,<a href="https://www.benzinga.com/general/gaming/24/10/41319267/us-gaming-market-sees-7-spending-decline-in-august-madden-nfl-25-debut-a-bright-spot" target="_blank" rel="noreferrer noopener"> driven by a 41% decline in Switch sales</a>.
Microsoft Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) discontinued its $1 for 14 days Game Pass trial just before the launch of Call of Duty: Black Ops 6, which is set to release directly<a target="_blank" href="https://www.benzinga.com/general/gaming/24/10/41365519/microsoft-ends-1-game-pass-trial-ahead-of-call-of-duty-black-ops-6-launch" rel="noreferrer noopener"> on&nbsp;Game Pass next week</a>.
Microsoft settles the antitrust lawsuit over its $69 billion Activision Blizzard acquisition, with <a target="_blank" href="https://www.benzinga.com/general/gaming/24/10/41342256/microsoft-settles-antitrust-lawsuit-filed-by-gamers-over-activision-blizzard-acquisition" rel="noreferrer noopener">undisclosed terms and no refiling allowed</a>.
Microsoft is set to expand its cloud gaming capabilities by introducing support for player-owned Xbox games, a long-anticipated feature that will allow users to stream titles <a target="_blank" href="https://www.benzinga.com/general/gaming/24/10/41318405/microsoft-to-test-cloud-gaming-for-owned-xbox-games-in-november-report" rel="noreferrer noopener">from their&nbsp;personal game libraries</a>.
Electronic Arts Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EA#NASDAQ">EA</a>) will shut down Plants vs. Zombies 3 on November 15, 2024, halting downloads and in-app purchases in<a target="_blank" href="https://www.benzinga.com/general/gaming/24/10/41365831/plants-vs-zombies-3-servers-shut-down-as-ea-plans-major-overhaul" rel="noreferrer noopener"> preparation for a&nbsp;"major overhaul."</a>
Riot Games, the studio behind&nbsp;League of Legends, announced a series of layoffs affecting its League of Legends PC development team, <a target="_blank" href="https://www.benzinga.com/general/gaming/24/10/41367265/riot-games-lays-off-27-developers-as-part-of-league-of-legends-restructure" rel="noreferrer noopener">alongside plans for&nbsp;future expansion</a>.
Bandai Namco Holdings, Inc. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/NCBDY#OTC">NCBDY</a>) faces workforce shifts and project cancellations despite the success of Dragon B<a target="_blank" href="https://www.benzinga.com/markets/asia/24/10/41344105/inside-bandai-namcos-workforce-struggles-100-staff-members-quit-during-project-overhauls" rel="noreferrer noopener">all Z: Sparking! Zero&#8217;s 3 million unit sales</a>.
Also Read: <a target="_blank" href="https://www.benzinga.com/general/entertainment/24/10/41352155/elon-musk-applauds-spotify-after-streaming-giant-reveals-its-audiobook-catalog-has-doubled-" rel="noreferrer noopener">Elon Musk Applauds Spotify After Streaming Giant Reveals Its Audiobook Catalog Has Doubled To 300K Titles</a>
Smartphones
Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) reportedly had a secret partnership with Chinese electric vehicle manufacturer&nbsp;BYD Co Ltd&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>) to create <a target="_blank" href="https://www.benzinga.com/news/24/10/41372383/apple-had-a-hush-hush-relationship-with-teslas-chinese-rival-byd-for-now-abandoned-car-plans-cuperti" rel="noreferrer noopener">long-range electric vehicle batteries</a>.
Apple is expanding its payment offerings within Apple Pay, providing users with more flexible online and&nbsp;in-app purchase options. The company is introducing installment loan features and increasing the <a target="_blank" href="https://www.benzinga.com/fintech/24/10/41385123/apple-pay-expands-buy-now-pay-later-with-affirm-adds-support-for-third-party-browsers-and-more" rel="noreferrer noopener">availability of rewards programs</a>.
Apple unveiled the&nbsp;upgraded version&nbsp;of its&nbsp;iPad Mini, marking the first significant upgrade to <a target="_blank" href="https://www.benzinga.com/news/24/10/41349691/apple-mini-gets-an-ai-upgrade-3-years-after-last-facelift-price-starts-at-499" rel="noreferrer noopener">the compact tablet since 2021</a>.
Apple has set a new sales record for its&nbsp;iPhone&nbsp;during the third quarter of 2024, coinciding with a broader <a target="_blank" href="https://www.benzinga.com/markets/equities/24/10/41328252/apples-iphone-16-powers-record-sales-in-q3-just-behind-samsung-in-global-market-share-battle" rel="noreferrer noopener">recovery in the global smartphone market</a>.
Apple is reportedly ramping up its efforts to compete with&nbsp;Meta Platforms, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>). The iPhone maker&#8217;s discounted version of the&nbsp;first-generation mixed-reality&nbsp;headset,&nbsp;Vision Pro, <a href="https://www.benzinga.com/news/24/10/41306527/apples-low-cost-vision-pro-could-hit-the-shelves-next-year-everything-you-need-to-know-about-iphone" target="_blank" rel="noreferrer noopener">could be ready by next year</a>.
Apple has terminated its self-driving vehicle testing permit in California. The decision follows the company's&nbsp;earlier<a target="_blank" href="https://www.benzinga.com/news/24/10/41309072/apple-poured-1b-a-year-into-its-car-project-before-abandoning-it-tim-cooks-company-now-pulls-plug-on" rel="noreferrer noopener"> abandonment&nbsp;of its electric vehicle project</a>.
Apple is reportedly experiencing a shortage in inventory&nbsp;for several of its products,&nbsp;leading to speculation about the <a target="_blank" href="https://www.benzinga.com/24/10/41322912/apple-to-launch-new-macbooks-pro-ipad-minis-and-imacs-analyst-says-inventory-dwindling-for-these-giz" rel="noreferrer noopener">imminent launch of new models</a>.
Samsung Electronics Co Ltd.&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/SSNLF#OTC">SSNLF</a>) is reportedly preparing to unveil its "Special Edition"&nbsp;Galaxy <a target="_blank" href="https://www.benzinga.com/news/24/10/41374294/apple-rival-samsung-to-unfold-special-edition-of-its-latest-flagship-foldable-phone" rel="noreferrer noopener">Z Fold 6&nbsp;</a><a target="_blank" href="https://www.benzinga.com/news/24/10/41374294/apple-rival-samsung-to-unfold-special-edition-of-its-latest-flagship-foldable-phone" rel="noreferrer noopener">as&nbsp;early as next week</a>.
Social Media, AI &amp; Technology
YouTube, a subsidiary of&nbsp;Alphabet Inc.&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) Google, is extending its "Premium Lite" plan to additional countries, offering a more <a target="_blank" href="https://www.benzinga.com/news/24/10/41373073/youtubes-premium-lite-plan-that-removes-some-ads-but-doesnt-offer-any-other-perks-is-rolling-out-to" rel="noreferrer noopener">affordable subscription with fewer ads</a>.
YouTube&nbsp;has unveiled a significant update that introduces a range of new features designed to enhance the user experience and foster a stronger connection between <a target="_blank" href="https://www.benzinga.com/general/entertainment/24/10/41350347/youtube-rolls-out-new-features-including-sleep-timer-collaborative-playlists-and-enhanced-m" rel="noreferrer noopener">creators and their audiences</a>.
Google&nbsp;has requested the 9th Circuit Court of Appeals to put a stop to the impending changes mandated by Judge&nbsp;James Donato's&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/24/10/41375089/google-urges-9th-circuit-to-halt-dangerous-epic-ruling-cites-substantial-new-security-risks" rel="noreferrer noopener">ruling in the Epic v. Google case</a>.
Google&nbsp;has officially begun rolling out Android 15, the latest version of its&nbsp;mobile operating system, <a target="_blank" href="https://www.benzinga.com/news/24/10/41350862/google-rolls-out-android-15-with-theft-detection-lock-privacy-features-for-sensitive-apps-and-more" rel="noreferrer noopener">to Pixel devices today</a>.
Meta confirmed layoffs across multiple teams, including&nbsp;Instagram,&nbsp;<a href="https://www.benzinga.com/news/24/10/41375934/meta-confirms-layoffs-across-instagram-whatsapp-and-reality-labs-amid-strategic-reshuffle" target="_blank" rel="noreferrer noopener">WhatsApp</a><a href="https://www.benzinga.com/news/24/10/41375934/meta-confirms-layoffs-across-instagram-whatsapp-and-reality-labs-amid-strategic-reshuffle" target="_blank" rel="noreferrer noopener">, and&nbsp;</a><a href="https://www.benzinga.com/news/24/10/41375934/meta-confirms-layoffs-across-instagram-whatsapp-and-reality-labs-amid-strategic-reshuffle" target="_blank" rel="noreferrer noopener">Reality Labs</a>.
On Tuesday, U.S. District Judge&nbsp;Yvonne Gonzalez&nbsp;Rogers&nbsp;in California rejected Meta's attempt to dismiss the claims made&nbsp;in two separate <a href="https://www.benzinga.com/news/24/10/41349398/mark-zuckerbergs-meta-to-face-lawsuits-over-teen-social-media-addiction-judge-rejects-dismissal-moti" target="_blank" rel="noreferrer noopener">lawsuits filed&nbsp;last year</a>. The lawsuits involving over 30 states,&nbsp;including California, New York, and Florida, accuse Meta of contributing to mental health issues among teenagers by making its platforms addictive.
Taiwan Semiconductor Manufacturing Co. Ltd.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>) reportedly started manufacturing A16 chips for&nbsp;Apple&nbsp;at its Phoenix, Arizona facility. This move is part of the U.S. strategy to<a target="_blank" href="https://www.benzinga.com/news/24/10/41356479/apple-spark-hope-for-americas-semiconductor-comeback-key-supplier-tsmc-reportedly-begins-producing-c" rel="noreferrer noopener"> enhance domestic semiconductor production</a>.
Sebastien Bubeck, the vice president of GenAI research at&nbsp;Microsoft is set t<a href="https://www.benzinga.com/news/24/10/41322687/sam-altman-led-openai-welcomes-microsofts-genai-research-vp-following-wave-of-executive-departures" target="_blank" rel="noreferrer noopener">o join&nbsp;</a><a href="https://www.benzinga.com/news/24/10/41322687/sam-altman-led-openai-welcomes-microsofts-genai-research-vp-following-wave-of-executive-departures" target="_blank" rel="noreferrer noopener">ChatGPT</a><a href="https://www.benzinga.com/news/24/10/41322687/sam-altman-led-openai-welcomes-microsofts-genai-research-vp-following-wave-of-executive-departures" target="_blank" rel="noreferrer noopener">-parent,&nbsp;</a><a href="https://www.benzinga.com/news/24/10/41322687/sam-altman-led-openai-welcomes-microsofts-genai-research-vp-following-wave-of-executive-departures" target="_blank" rel="noreferrer noopener">OpenAI</a>.
Read: <a target="_blank" href="https://www.benzinga.com/news/24/10/41309060/nvidias-jensen-huang-says-chatgpt-led-to-awakening-of-ai-praises-sam-altmans-openai-as-one-of-most-c" rel="noreferrer noopener">Nvidia&#8217;s Jensen Huang Says ChatGPT Led To &#8216;Awakening Of AI,&#8217; Praises Sam Altman&#8217;s OpenAI As One Of Most Consequential Companies Of Our Time</a>

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Consumer Tech News (Oct 14-18): Biden Administration Considers Imposing Restrictions On Chip Sales, Apple Inks Secret Deal With BYD & More

Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) has dominated the electric vehicle sector for years, but is seeing its global market share under pressure in China and other territories with Chinese EV companies <a href="https://www.benzinga.com/markets/equities/24/09/40669363/teslas-china-rivals-report-steady-august-sales-performance-amid-intense-price-competition-what-i">launching low-cost models.</a>
What Happened: Tesla and the <a href="https://www.benzinga.com/electric-vehicles">electric vehicle sector </a>could have another rival soon with Chinese company Skywell unveiling new electric vehicles at the 2024 Paris Auto Show this week.
Skywell may not be a household name in the U.S. yet, but there's a chance that consumers are familiar with the company's Skyworth affordable televisions that are sold in America by Walmart and Amazon.
Skywell unveiled the Q hatchback electric vehicle at the auto show, as <a href="https://electrek.co/2024/10/17/this-maker-of-cheap-tvs-just-launched-a-solid-looking-ev/">reported </a>by Electrek. The vehicle could compete against other similar electric vehicle offerings like the VW ID.3, Cupra Born and BYD Dolphin, according to the report.
The Q is expected to go on sale in 2025 in Europe and be "competitively priced." While not all details have been released, the report notes that a larger battery option available could provide up to 300 miles of range and the 0-60mph time is quicker than the strong-selling BYD Dolphin.
The company best known for its televisions and electronics previously launched the BE11 in the U.K. and sold electric vehicles in Israel previously, Electrek reported.
Are you buying when the CEOs of the Magnificent 7 are selling?
<ul>
<li>Stay in the know with our Insider Trades page — <a href="https://www.benzinga.com/sec/insider-trades/">see when leaders like Mark Zuckerberg, Elon Musk, and Jensen Huang are offloading their own shares.</a></li>
</ul>
Why It's Important: While it's early into the Q launch phase, the Electrek report said the vehicle looks to be a potential contender in the electric vehicle space.
While a transition from making affordable televisions to affordable electric vehicles may sound like a stretch, many technology companies have evolved from their early roots.
Electrek shares the examples of BYD Co (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>) previously making mobile phones before cars, and Volvo owner Geely making refrigerator parts before vehicles. Let's not forget that Nintendo got its start as a playing cards company before getting into video games.
How the company got its start shouldn&#8217;t be the concern here for Tesla and other EV makers, the major concern should be the potential lower price point. 
The Skywell vehicle might not hit the market and might never be available for sale in the U.S. The potential release and focus on a lower price point will likely put the potential vehicle in competition with BYD and other Chinese electric vehicle companies.
These Chinese companies continue to put pressure on Tesla's global market share. While Tesla has been competitive on pricing for years thanks to its vertical integration, the company is getting beat in price by several models in the competitive battle for market share and units sold.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/news/24/09/41027049/tesla-returns-to-paris-motor-show-for-first-time-in-6-years-cybertruck-to-be-featured-will-elon-musk">Tesla Returns To Paris Motor Show For First Time In 6 Years: Cybertruck To Be Featured, Will Elon Musk Present?</a></li>
</ul>
Photos: Unsplash/Pixabay

Tesla Has A New Chinese Electric Vehicle Competitor: How A Company That Used To Sell Cheap TVs Is Entering EV Race

Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) reportedly had a secret partnership with Chinese electric vehicle manufacturer BYD Co Ltd (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDF#OTC">BYDDF</a>) to create long-range electric vehicle batteries.
What Happened: The partnership started in 2017 and aimed to develop a battery system using lithium iron phosphate cells, <a href="https://www.bloomberg.com/news/articles/2024-10-16/apple-secretly-worked-with-china-s-byd-on-long-range-ev-battery?srnd=undefined">reported</a> Bloomberg, citing people familiar with the matter.
While Apple does not own any technology used in BYD&#8217;s current Blade batteries, this development proves Cupertino's efforts to produce a car.
See Also: <a href="https://www.benzinga.com/news/24/10/41357341/as-nvidia-apple-and-microsoft-race-towards-4-trillion-valuation-generative-ai-startups-reportedly-dr">As Nvidia, Apple And Microsoft Race Towards $4 Trillion Valuation, Generative AI Startups Reportedly Draw 40% Of All VC Investment</a>
Previously, it was reported that the tech giant spent <a href="https://www.benzinga.com/news/24/03/37528093/apple-poured-1b-a-year-into-car-project-concocted-by-steve-jobs-for-a-decade-before-realizing-it-nee">roughly $1 billion annually</a> over the past decade on its car project, known internally as "Titan," before pulling the plug.
Today, BYD&#8217;s entire car lineup is powered by the Blade system — a battery pack design shaped by insights gained from its Apple collaboration, the report noted.
Eventually, Apple decided to back away from the partnership and consider systems from other battery manufacturers.
In February, it was reported that the iPhone-maker had abandoned the project.
Apple and BYD did not immediately respond to <a href="https://pro.benzinga.com/dashboard">Benzinga&#8217;s</a> request for comments.
Subscribe to the <a href="https://bztechtrends.beehiiv.com/subscribe">Benzinga Tech Trends newsletter</a> to get all the latest tech developments delivered to your inbox.
Why It Matters: Earlier this week it was reported that <a href="https://www.benzinga.com/news/24/10/41309072/apple-poured-1b-a-year-into-its-car-project-before-abandoning-it-tim-cooks-company-now-pulls-plug-on">Apple has terminated</a> its self-driving vehicle testing permit, which was granted in 2017.
The seeds of Apple Car were sowed by the company's legendary co-founder Steve Jobs, who wanted the tech giant to create "this generation's Volkswagen Beetle."
Now, while Apple has canceled the project, it continues to innovate in the automotive space. For example, in July 2024, it was reported that <a href="https://www.benzinga.com/news/24/07/40009035/months-after-shelving-decade-long-apple-car-project-iphone-maker-patents-camera-system-to-project-li">Apple had patented a novel camera</a> system for cars.
Image via Unsplash
Check out more of Benzinga&#8217;s Consumer Tech coverage by <a href="https://www.benzinga.com/topic/consumer-tech">following this link</a>.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/news/24/10/41356479/apple-spark-hope-for-americas-semiconductor-comeback-key-supplier-tsmc-reportedly-begins-producing-c">Apple Spark Hope For America&#8217;s Semiconductor Comeback: Key Supplier TSMC Reportedly Begins Producing Chips In US For iPhone Maker</a></li>
</ul>

Apple Had A Hush-Hush Relationship With Tesla's Chinese-Rival BYD For Now-Abandoned Car Plans — Cupertino Poured Nearly $1B Each Year For A Decade Into The Project

Mercedes-Benz: Positioned To Conquer European Car Manufacturer Headwinds

Falling lithium-ion battery prices are finally reaching a point where electric vehicles (EVs), such as those made by Tesla ($TSLA) and BYD ($BYDDY)...

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Atlas Lithium (NASDAQ: ATLX) Positions Itself To Meet Soaring Global Lithium Demand With Strategic Investments From Global Partners

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Atlas Lithium (NASDAQ: ATLX) Secures Partnerships With Suppliers To Tesla, BYD And Secures Funding From Mitsui &amp; Co. To Fuel Growth

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