Tesla loses the electric vehicle throne, BYD takes over as the new sales champion
In the fourth quarter of 2023, BYD (01211) - leading Chinese electric vehicle brand successfully surpassed Tesla and claimed the top spot in global electric vehicle sales for the first time, achieving the slogan of "Build Your Dream.". Elon Musk, the founder of Tesla, also admitted that "Chinese electric vehicle manufacturers have strong global competitiveness, and if there are no trade barriers, Chinese car companies will destroy most of the world's automakers."
However, after reviewing Tesla's financial reports, CNBC's Jim Cramer criticized Elon Musk's leadership abilities on January 25th and explicitly told investors that he believed "Tesla, the electric car giant, has lost its position in the 'Magnificent 7'."
What is Magnificent 7?
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