The two largest electric vehicle manufacturers in the world, Tesla (TSLA) and BYD (BYDDF), are constantly competing for market dominance. Despite facing challenges, both companies remain key players in the electric vehicle industry. Tesla saw a decline in vehicle deliveries in Q1 2024 compared to the previous quarter, but they are optimistic about a rebound later in the year. Meanwhile, BYD reported an increase in EV sales in the first quarter, positioning them to potentially overtake Tesla in the upcoming quarter.

In an effort to stay competitive, both Tesla and BYD have been cutting prices on their vehicles. This strategy aims to attract more customers and maintain their market share in the growing electric vehicle sector.

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