As Tesla’s sales decline following Musk’s forays into US politics and amid a lack of new models, BYD has overtaken it to become the world’s largest manufacturer of EVs. Its annual revenues surpassed $100 billion for the first time in 2024.

As motorists have turned their backs on Tesla, other automakers have appeared to have quietly taken advantage of remaining interest among consumers.

The reason behind the dip in share prices was explained by Neil Wilson, a strategist at UK trading platform Saxo Markets, who told CNN that “investors had cheered Musk stepping back from frontline politics,” adding, “ but are now worried he’s going to (be) sucked back in and take his eye off Tesla .”

Tesla’s India debut skips traditional advertising, banking instead on Elon Musk’s clout and experience centres to drive interest

Tesla has officially entered the Indian market with its physical presence in Mumbai. With its Model Y, the company is set to compete with BMW, Mercedes-Benz, Volvo, and even the Kia.