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The declining sales figures raise serious concerns about Tesla's financial health, signaling that the company’s viability may be at risk as competition intensifies. Notably, BYD, a Chinese electric vehicle and battery manufacturer, is on track to surpass Tesla in revenue by 2024, potentially establishing itself as a global leader in EV sales this year. Once synonymous with innovation and quality, Tesla’s brand is now viewed unfavorably in California, a state integral to its early success.
Tesla is also facing technological challenges as BYD introduces superior products, including an advanced battery charging system that significantly outperforms Tesla’s. Meanwhile, Waymo, another competitor, is making strides in the self-driving car market, an area Musk has heavily invested in.