EV Daily | Tesla Faces Sales Decline Amid Cybertruck Recall; BYD and Rivian Expand in Global EV Market

【Tesla】

Tesla experienced a 10% sales decline with significant drops in the Cybertruck and Model 3, though the Model Y remained relatively stable. The company is facing a challenging quarter, potentially delivering fewer vehicles compared to the past three years. CEO Elon Musk announced the production of 7 million vehicles to date and emphasized future projects, including autonomous Tesla Semi trucks. Despite ambitions for advanced robotics and AI, the company’s stock has fallen 40% this year. Musk continues to highlight Tesla's innovations, though challenges remain, such as the Cybertruck recall due to a trim defect. In a public all-hands meeting, Musk discussed various projects, including Optimus robots and AI developments. The meeting, amid declining sales and stock performance, may be an attempt to shift current negative perceptions. The CEO also commented on the brand's politicization, affecting Tesla's market image. Tesla's master plans have outlined its strategic direction, but some goals, like autonomous technology and the Tesla Network, remain incomplete. The company has announced a fourth master plan, which may focus on integrating autonomous cars, robots, and sustainable energy solutions. However, skepticism persists regarding the feasibility of these ambitious goals within the proposed timelines. Tesla's Model Y and Model 3 remain top-selling EVs in the US and are among the cheapest to lease. The Cybertruck faced a recall due to a trim issue, with a remedy expected by March 2025.

【BYD】

The EU Commission is investigating whether China provided unfair subsidies to BYD for its new production facility in Hungary. BYD's international expansion continues with plans for local production in various countries, despite potential setbacks from international trade tensions. The company is a significant player in the EV market, aiming to expand its global footprint.

【Others】

Rivian saw a 34% increase in sales, with the R1S becoming a top-selling EV in February. The R1S is now also being used as a police cruiser. Rivian's future plans include the introduction of the R2, a more affordable model. Audi is expanding its charging partnership with Electrify America to include the new 2025 Q6 e-tron, which offers a year of free charging. Kia is launching the EV2, its smallest and most affordable EV, as part of a broader strategy to make electric vehicles accessible. The EV2 is designed to appeal to a wide audience, with advanced features and a competitive price point. Magna Steyr, an Austrian contract manufacturer, is close to securing deals with XPeng Motors and GAC Motor Co. to build their EVs in Austria, helping circumvent EU tariffs. This strategy benefits both Magna Steyr and the Chinese automakers as they expand in Europe. KGM launched the Musso EV, Korea’s first electric pickup, with strong initial sales. The vehicle blends pickup functionality with SUV comfort and is competitively priced, making it an attractive option in the market.