BYD, leveraging its cost advantages and strong Chinese market presence, has overtaken Tesla in global EV sales, necessitating BYD's continued focus on affordability and international expansion, while Tesla needs to diversify its lineup and reduce costs.

Chinese auto giant BYD sold more electric vehicles in Europe than Tesla for the first time, a setback for Elon Musk’s EV maker as it faces growing competition overseas.

Despite the EU's imposition of tariffs on Chinese-made electric vehicles, registrations of such cars increased 59% in April from a year earlier.