Tesla stock going down: Is Tesla losing market share to BYD?

Tesla stock going down: Is Tesla losing market share to BYD?

Tesla stock going down: Is Tesla losing market share to BYD?

Tesla had a tough year. Even though it had a record sale of 1.3 million cars in 2022, which is 40% over 2021, Tesla's stock had the worst year ending 2022 with a 65% drop. On the first business day of 2023, Tesla stock plunged more than 12%. Meanwhile, Chinese automaker BYD beat Tesla in 2022 to become the world's largest EV maker. Why is Tesla losing market share to BYD? How does BYD compare to Tesla?