Benzinga - by Upwallstreet, Benzinga Contributor.
It’s been a mixed week for Tesla Inc (NASDAQ: TSLA) who drastically underperformed in terms of first quarter sales. Still, it got its biggest EV seller crown back from its biggest rival, BYD Company Limited (OTC: BYDDY) who snatched this quarterly crown away from Tesla during the last three months of 2023. But even BYD reported a significant quarter-over-quarter slowdown which allowed Tesla to regain its throne. However, Tesla’s nightmare is far from over.
BYD continues with its aggressive expansion.
Its rapid expansion plans come at a cost, but BYD continues to accelerate. Moreover, it plans to launch its first electric pickup later this year, challenging both Tesla and its Cybertruck as well as Ford Motor (NYSE: F) and its F-150 that has been America’s best-selling vehicle for over four decades. If BYD prices its pickup below the price point of the electric F-150, the Lightning, Ford will have a problem. Moreover, Ford already has a problem as the demand for the Lightning fell short of expectations amid the EV slowdown that pressured Ford to focus more on hybrids. Moreover, Ford recently slashed two thirds of its F-150 Lightning plant workforce which is another confirmation of softer than expected demand. Even Ford couldn’t make its best-selling truck more affordable as for now, electric pickups come with a hefty price tag.
Moreover, BYD also announced its latest ultra-cheap car, increasing its competitiveness against Tesla who is still not able to bring affordability into its offerings. But BYD is going for all market segments as it also unveiled its supercar in March aimed at conquering the premium end of the EV universe.
Rivian Automotive (NASDAQ: RIVN) reached the 100,000 EV milestone.
On April 3rd, Rivian CEO RJ Scaringe issued a post on the platform owned by its rival CEO, Elon Musk, proudly stating that Rivian has officially made 100,000 EVs. Back in March, Rivian revealed the R2, a smaller counterpart to the R1S electric SUV, along with a surprise sibling, a smaller SUV named the R3 and its sporty version, R3X. Along with unveiling three new EVs, Rivian also announced $2.25 billion in cost savings.
Its growth is expected to continue and Rivian needs to grow in order to survive the rising EV competition. If it succeeds, it will enter EV history as the first startup after Tesla to have made it in the U.S. After all, it already made history by bringing the world’s first electric pickup to the road before Tesla.
Tesla is still leading the EV pack. But automakers are racing to catch up and innovating, which always means a redistribution of power could be in the cards.
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