Tesla's Chinese rival BYD reported higher annual revenue than Tesla, according to the BBC. The growth was driven by strong hybrid vehicle sales and the launch of a lower-priced model to compete with Tesla’s Model 3. The report comes amid a global backlash against Tesla over Elon Musk’s political ties and increased tariffs on Chinese automakers. BYD unveiled a new, more affordable model to compete with Tesla as Chinese consumers reduce spending amid economic difficulties. BYD introduced faster battery charging and announced its advanced driver-assistance system would be included free in all models.
