BYD, derided by Elon Musk, gives Tesla a run for its money: This week in EVs
Investing.com -- Here is your weekly Pro Recap of the past week's biggest headlines in the electric vehicle space: BYD is closing in on Tesla; Polestar shows impressive growth; and VinFast suffers big drops.): In a startling twist of events, BYD is poised to challenge Tesla for the top spot in battery EV sales after Tesla's Q3 delivery figures fell short of expectations.
The company shipped approximately 13,900 units, a feat that also resulted in improved profit margins. For the first nine months of the year, Polestar achieved a year-over-year growth of 37%, delivering around 41,700 vehicles. As deliveries of the Polestar 4 are set to commence in China in the upcoming Q4, the company maintains an optimistic outlook, aiming to deliver between 60,000 to 70,000 vehicles in 2023.
After reaching a weekly high of $2.86 on Tuesday, PSNY shares dialed back but still ended the week up 2.3% from their Monday open.In just a month, VinFast's market cap plummeted by over $140 billion, with the stock falling below its initial debut listing price of $22 just seven weeks ago.
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