Tesla's Chinese rival BYD reported higher annual revenue than Tesla, according to the BBC. The growth was driven by strong hybrid vehicle sales and the launch of a lower-priced model to compete with Tesla’s Model 3. The report comes amid a global backlash against Tesla over Elon Musk’s political ties and increased tariffs on Chinese automakers. BYD unveiled a new, more affordable model to compete with Tesla as Chinese consumers reduce spending amid economic difficulties. BYD introduced faster battery charging and announced its advanced driver-assistance system would be included free in all models.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02Tesla's Chinese rival BYD reported higher annual revenue than Tesla, according to the BBC.
00:07Growth was driven by strong hybrid vehicle sales and the launch of a lower-priced model
00:11to compete with Tesla's Model 3.
00:13More comes amid a global backlash against Tesla over Elon Musk's political ties
00:18and increased tariffs on Chinese automakers.
00:20BYD unveiled a new, more affordable model to compete with Tesla
00:24as Chinese consumers reduce spending amid economic difficulties.
00:28BYD introduced faster battery charging and announced its advanced
00:31driver assistance system will be included free in all models.
00:34For all things money, visit Benzinga.com slash GSTV.