In China, the world’s biggest EV market, Tesla’s market share has been shrinking: BYD now sells five cars to every one that the U.S. automaker does. BYD has topped EV sales charts in Thailand and is quickly rising in markets including Australia and Israel. Beyond existing U.S. tariffs on Chinese cars, the Inflation Reduction Act will exclude cars made with Chinese components from EV tax credits. In China, BYD held almost 12% of the passenger-car market and Tesla under 3% for the first 11 months of last year, according to figures compiled by GlobalData. BYD “has the China market completely covered for the most part," said Tu Le, consultant at Sino Auto Insights.

Source: Wall Street Journal January 22, 2024 06:10 UTC