In the competition for the world's first electric car company, Tesla, which has been riding in the dust for many years, finally ushered in an opponent.
That is BYD, founded by Wang Chuanfu - a Chinese manufacturer that started with dry batteries and is now the world's largest seller of new energy vehicles. 
How did this chase happen? Let's start with Tesla's earnings report.
Last week, Tesla released its full-year 2023 earnings report, which was mixed. The good news is that both revenue and delivery are **, and deliveries reach 18090,000 units, not only achieved the target at the beginning of the year, but also increased by 38% compared to last year.
The bad news is that gross margins are down, operating margins are down, and cash flow is down. 
The good news is expected, but the bad news hits Tesla's weakness - gross margins and profit margins are the first time since 2017 that Tesla has declined, and the decline is quite large.
Subsequently, the capital market responded to this achievement, and Tesla's stock price plummeted 1213%, the total market capitalization evaporated 801$1.1 billion.
Affected by this, Musk's position as the richest man was given to LV's boss Bernard Arnault. 
In other words, Tesla's 2023 cars will sell more and make less money, all of which should have been in Musk's plan - to reduce prices for volume, and finally make money with software.
But if you look at the situation of the global new energy market, especially the Chinese market, the development of things is obviously beyond Musk's expectations:
The high profit margins brought by vertical integration are Tesla's advantages, but the ** war launched in China is becoming a bullet shot by Musk at himself.
#Tesla lost two crowns
At the end of 2022, Tesla launched the ** war for the first time.
In three years, Tesla's annual deliveries climbed from 500,000 to 1.8 million, and its revenue increased from 1.25$900 million to last year's record 96.7$700 million.
But the more Tesla's ** battle is fought, the more limited the effect on sales increases.
Tesla's weak sales growth in the domestic market is directly due to the slow product update and consumers' aesthetic fatigue, especially in China, in addition to the cost performance, low quality, consumers have a richer three-dimensional and more diverse evaluation system for a good new energy vehicle.
The deeper reason is that after the first-mover advantage in entering new markets has been exhausted, Tesla's innovation ability has been visibly weakened, and in many dimensions, the forward-looking and leading nature of Tesla's electric vehicles is no longer so obvious.
Taking the Model 3 as an example, there are about 250,000 pure electric sedans in China, such as Zeekrypton 007, Galaxy E8, Feifan F7, Xpeng P7i, Zhijie S7, etc.
These models put pressure on Model 3 in all aspects of size, 800V charging technology, charging speed, range, and intelligent driving.
Tesla's invincible rivalry with the Model 3 and Model Y will soon be history.
In this earnings conference, Musk may have taken the initiative to reveal that Tesla will launch a lower-priced Model 2 in order to appease market sentiment, and if all goes well, the Model 2 will also be delivered on a large scale as early as 2025.
The problem is that the location of the Model 2's production has not yet been determined, possibly in Mexico or at the Berlin plant.
Until then, Musk can only continue to hope for the Model Y and Model 3.
In terms of sales, in the last 6 months, the Model 3 has only reached 1 month at its best50,000 units, a significant gap compared to the Model Y, it can be said that its sales ceiling has appeared.
At the same time, Tesla has lost two crowns in succession in the pursuit of BYD.
The first is the position of the global new energy sales champion, and the second is the global pure electric vehicle sales champion.
In the face of the opponent's pressing step, Musk said that Tesla is an artificial intelligence and robotics company that has shifted Tesla from the electric vehicle track to the technology track.
We can't say that Musk is wrong, but technology companies are characterized by strong R&D capabilities and product results, and Tesla's latest Cybertruck was already released 5 years ago.
#BYD's counterattack journey
According to data recently released by BYD, in 2023, BYD's new energy vehicle sales will be 302440,000 units, an increase of more than 62% over last year.
While sales are rocketing, BYD's financial performance is also rising rapidly.
In the first three quarters of 2023, BYD's revenue has reached 42227.5 billion yuan, exceeding the annual revenue in 2022.
According to BYD's recently announced results**, it is expected that last year's net profit will be between 29 billion and 31 billion, a year-on-year increase of 7446% to 8649%, which is equivalent to making about 82 million per day.
In general, BYD's achievements not only mark the success of an automobile company, but also symbolize the rise of China's automotive industry with the help of new energy vehicles.
The most obvious thing is that Chinese consumers are starting to buy Chinese cars
From January to November last year, the share of Chinese own-brand cars in the domestic market exceeded 50 percent, three times that of Japanese brands and more than double that of German brands, according to the China Passenger Car Association.
At the same time, the global auto market has a place for Chinese car companies.
BYD, for example, exported more than 240,000 units last year, contributing 10% of its sales target of 3 million units.
Therefore, for BYD, 2023 is not only a year to achieve sales targets and become a sales champion, but also a year to start a sprint to the world's No. 1 electric vehicle company.
#Conclusion
Despite the setbacks in the Chinese market, Tesla is still a strong player in the global market.
According to the 2023 financial report, Tesla's average daily revenue is more than 26.5 billion yuan, still maintaining a leading position in the field of new energy. In addition, the Model Y surpassed the Toyota Corolla as the best-selling passenger car in the world last year.
Everyone can see that Tesla will continue to grow and grow at a slower rate as electric vehicles become more popular.
On the one hand, with the reduction of subsidies for electric vehicles in markets such as the United States and Germany, it will obviously weaken the attractiveness of Tesla's models in the first place, and on the other hand, it is the rise of Eastern rivals.
At the earnings conference, Musk said that China's car companies are the most competitive in the world.
If there are no tariffs or protection, Chinese automakers are likely to take out the vast majority of their competitors around the world. 」
As Musk said, the challenges in front of BYD, in addition to intelligence, are also obstacles.
BYD will not be able to enter the US market for a while, and there is a risk of tariffs in Europe, while the Indian market, the world's most populous country, is the next battleground for Tesla and BYD.
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