Passenger BEV sales shot up 45.8% to 606,953, easily beating Tesla for a third straight quarter. Sales of plug-in hybrids (PHEVs) have fallen off 2024 peaks. Commercial EVs, includes buses, vans, trucks, forklifts and more, are a small but fast-growing segment for BYD.

Tesla shares plunged as much as 10% in early trading Thursday as investors digested another dismal quarter of car sales – and CEO Elon Musk’s admission that slump may not end anytime soon.

Tesla (TSLA) shares dropped in extended trading Wednesday after the EV maker's quarterly results fell short of Wall Street’s expectations. During the company’s earnings call, the shares continued to lose ground after CEO Elon Musk warned analysts of a "few rough quarters” ahead as federal incentives for EV manufacturers dry up.