Tesla Inc revolutionised the EV industry with its electric vehicles. Following the success of Tesla Inc (formerly Tesla Motors), Its CEO, Elon Musk once laughed at Warren Buffet-backed Chinese automaker, BYD Auto.
However, the billionaire business magnate’s opinion about BYD Auto seems to have changed. In fact, Elon Musk was praising BYD cars while he responded to an old clip posted by Tesla Owners Silicon Valley Club.
In the video clip shared by Tesla Owners Silicon Valley Club over Twitter, Elon Musk is seen laughing as a journalist asked him about BYD Auto trying to compete with cars produced by Tesla, Inc. He further responded in the video with a “No”.
In his reply to the video, Elon Musk tweeted, “That was many years ago. Their cars are highly competitive these days,”. This is in fact true as the Chinese EV giant is currently the second biggest electric car manufacturer in the world.
That being said, the Tesla Model Y recently became the world’s highest-selling car for a quarter according to data collected by JATO. The data was collected across 53 markets and Tesla managed to sell an impressive 2,67,200 units of Model Y EVs in the first quarter of 2023.
In fact, the sales figures for the Tesla Model Y went up almost 69 per cent when compared to the same duration last year. At the same time, the Toyota Corolla sales slipped and the sales figures for the first quarter of 2023 stood at just 2,56,400 units.
Though Elon Musk once laughed at the Warren Buffet-backed Chinese automaker, BYD Auto, It is commendable that Musk acknowledges the progress made by BYD in recent years. This also shows that with the right kind of people and proper investment, it is possible to turn the tide for any company.
