Tesla Inc (TSLA)

[Scumbag Fraudsters]

No one was talking about competitors.

But since you asked...

BYD nears Tesla gross profit margin as it launches cheap Seagull mass market EV

Tesla's main competitor BYD reported 400% rise in profits compared to the same quarter last year and a gross margin very near to what Tesla reported for Q1.

BYD made about US$600 million in the first quarter, riding on the wings of its so-called New Energy Vehicle sales, which include battery-powered cars and plug-in hybrids.

BYD's profit margin of 17.86% for this past quarter is actually nearing Tesla's gross margin of 19.3% in the same January-March period, a feat that would've been unthinkable just last year.

BYD has an ever-growing lineup, with EVs from $11,000 to $160,000. New and refreshed models are commonplace.

In the second quarter, BYD sold 703,561 vehicles, up 98% vs. a year earlier and 27.4% vs Q1.

BYD has started supplying batteries to Tesla, making these two archrivals frenemies too.

Tesla traditionally has not mass produced its own batteries. For lithium-ion batteries, its joint venture partner Panasonic makes the cells and Tesla packages them. It also buys lithium-ion batteries from South Korea's LG. Tesla also has bought lithium iron phosphate (LFP) batteries from China's CATL.

In fact, Tesla is now using BYD battery packs for a lower-range Model Y variant at its Berlin plant. That follows months of unconfirmed BYD Blade supply deals with Tesla.