23:31:05 EDT Fri 17 May 2024
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Tesla Inc CDRs (CAD Hedged)
Symbol TSLA
Shares Issued 18,550,000
Close 2024-03-01 C$ 18.70
Market Cap C$ 346,885,000
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Globe says Tesla hears EV juggernaut BYD is on its way

2024-03-04 07:53 ET - In the News

The Globe and Mail reports in its Saturday edition that BYD Auto Co. Ltd. has emerged from hundreds of EV start-ups as maybe China's best hope of creating a global auto giant. The Globe's Matt Lundy writes that BYD (short for Build Your Dreams) surpassed Volkswagen AG as the top-selling vehicle brand in China last year, and it has recently overtaken Tesla in sales of fully electric vehicles. The rise of BYD mirrors that of China as a production powerhouse. China has dethroned Japan as the world's top exporter of passenger vehicles, thanks not only to its homegrown brands, but American and European automakers with large assembly plants in the country. It amounts to a dramatic upheaval of the automotive pecking order. BYD does not sell passenger vehicles in Canada or the United States, and because of restrictive trade policies, it will be tough for Chinese manufacturers to crack the U.S. market especially. In Germany, where BYD vehicles went on sale last year, business is slow to pick up. Roughly 700 of the company's cars were registered in December, lagging way behind Tesla and top domestic brands. Still, says Helena Wisbert, a professor of automotive economics at Ostfalia University in Germany, "They're really coming."

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