Tesla (TSLA) was under pressure again on Tuesday, falling as much as 3.8% in midday trading as a slew of competitors in China announced updates that again signaled competition on the mainland ramping up for the EV giant.
Tuesday’s loss follows a 5% drop for Tesla stock to start the week, and shares are now down over 52% from highs reached back in December.
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BYD (BYDDY), China’s top automaker, announced a huge milestone with its battery technology on Tuesday, sending shares listed in Hong Kong to a new record high.
BYD said its new battery and charging system — dubbed the Super e-Platform — can charge at peak speeds of 1,000 kW, providing around 250 miles of range in just five minutes, per BYD chair and founder Wang Chuanfu.
By contrast, Tesla’s fastest superchargers max out at 250kW, or a quarter of BYD’s claimed feat.
BYD Seal U DM-i plug-in hybrid crossover SUV on display at the AutoSalon on Jan. 10 in Brussels, Belgium. (Sjoerd van der Wal/Getty Images) ·Sjoerd van der Wal via Getty Images
“To completely solve users’ anxiety over charging, our pursuit is to make the charging time for EVs as short as the refueling time for fuel vehicles,” Wang added.
BYD, whose cars you still cannot buy in the US, said it will start selling EVs with the Super e-Platform next month — and plans to add 4,000 high-power charging stations in China.
Upstart EV maker Xiaomi (XIACY), best known for making smartphones, announced it would expand production capacity for its vehicles.
Visitors film around Xiaomi’s first electric vehicle, the SU7, displayed at an event in Beijing, China, on Dec. 28, 2023. (Reuters/Florence Lo) ·REUTERS / Reuters
The maker of the SU7 sedan — which looks like a Porsche Taycan sedan crossed with a McLaren supercar— will up its production target to 350,000 EVs from its prior 300,000 target, CEO Lei Jun posted on Weibo, per Bloomberg.
The SU7, with its striking looks and tech-forward interior powered by a version of Android called HyperOS, has clearly been a hit with Chinese consumers who look to their cars as extensions of their digital devices.
Xiaomi’s phones connect seamlessly to its vehicles and give users a unified experience across the products, a level Western automakers have not been able to achieve in China.
Tuesday’s move to boost production comes as the company struggles to meet customer demand.
In December, Xiaomi announced it will expand its product offerings with the YU7 crossover SUV EV, which will have a similar footprint to Tesla’s Model Y and will officially launch midyear.
Additionally, Chinese pure-play EV maker XPeng (XPEV) announced strong financial guidance for the first quarter.
A newly released G6 new-energy model is displayed at the flagship store of Xiaopeng Motors in Shanghai, China, on March 14, 2025. (Costfoto/NurPhoto via Getty Images) ·NurPhoto via Getty Images
XPeng expects first quarter revenue of 15 billion to 15.7 billion yuan ($2.07 billion to $2.17 billion) and expects to deliver between 91,000 and 93,000 vehicles in the first quarter — up over 300% compared to a year ago.
This comes as fourth quarter revenue hit 16.11 billion yuan ($2.21 billion), up 23% from a year ago, with deliveries of 91,507, up 52% in the same time span.
“In 2025, with the launch of more attractive new products, we are confident in maintaining our investment in R&D while continuing to enhance profitability and free cash flow,” vice chair and co-president Brian Gu said in a statement.
XPeng’s success has not gone unnoticed from legacy automakers, with Volkswagen investing $700 million in the automaker to help build VW-branded EVs for the Chinese market in 2026. Also: It recently inked a deal to build 20,000 chargers across 420 cities in China.
Finally, Zeekr (ZK), another Tesla rival, owned by China’s Geely (0175.HK), hopped on the self-driving train with news of its own in the space.
Zeekr said it would roll out its autonomous software to customers for free in China, CEO Andy An told CNBC ahead of a launch event on Tuesday.
The company intends to roll out the software to a pilot group initially — and then release it to the broader public in April. The system allows Zeekr cars to pilot themselves autonomously from one point to another, but drivers must keep their hands on the wheel.
Zeekr’s move to roll out its more advanced software for free follows Tesla’s news on Monday to offer a free trial of its Full Self-Driving (FSD) autonomous software for a limited time (March 17-April 16).
Tesla’s move with FSD in China comes as the company had struggled with data collection from its EVs in China because of the government’s data privacy and national security laws. Those rules prevent Tesla from sending data collected in China to its servers in the US, and vice versa.
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Pras Subramanian is a reporter for Yahoo Finance. You can follow him on X and on Instagram.
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Heather Ochoa is a news writer at the Failsafe Podcast. She has been writing about politics, health, business, parenting and finance for over a decade. She also loves to go hiking in her free time.
