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BYD sets lower sales growth & warns of looming price war

(Credit: BYD)

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BYD set lower sales growth goals for 2024, warning of a looming price war and overcapacity in Mainland China’s electric vehicle (EV) sector.

BYD Chairman and President Wang Chuanfu held an investors conference earlier this week. According to SCMP, Wang told investors that the company’s expects deliveries to top at 3.6 million units this year, 20% more compared to 2023’s 3.02 million units. The BYD Chairman also forecasted that exports would more than double to 500,000 units this year. 

The top EV manufacturer forecasts for 2024 are hopeful. However, BYD’s delivery estimates for 2024 are a third of 2023’s sales growth, which was 62.3%. The Chinese automaker estimates account for some challenges BYD expects this year. 

“Overall demand for EVs [in China] is set to fall in 2024, as consumers refrain from buying items such as cars due to concerns about job prospects and incomes. A 20% increase will not be easy to achieve, given the current weak market sentiment,” said Zhao Zhen, a sales director at Wan Zhuo Auto—a car dealer in Shanghai. 

In the first two months of 2024, BYD delivered 325,706 cars, up 2.9% year-over-year. In February, it slashed the prices of all its vehicles between 5% to 20%. The Chinese carmaker also slowed down construction plans for its EV factory in Vietnam

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Tesla and BYD appear to be on the same page. The American EV manufacturer is reportedly trimming production output at Giga Shanghai. Tesla’s factory in Shanghai is the company’s main export hub.

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Maria--aka "M"-- is an experienced writer and book editor. She's written about several topics including health, tech, and politics. As a book editor, she's worked with authors who write Sci-Fi, Romance, and Dark Fantasy. M loves hearing from TESLARATI readers. If you have any tips or article ideas, contact her at maria@teslarati.com or via X, @Writer_01001101.

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Tesla Model 3 wins Edmunds’ Best EV of 2026 award

The publication rated the Model 3 at an 8.1 out of 10, and with its most recent upgrades and changes, Edmunds says, “This is the best Model 3 yet.”

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Credit: Tesla

The Tesla Model 3 has won Edmunds‘ Top Rated Electric Car of 2026 award, beating out several other highly-rated and exceptional EV offerings from various manufacturers.

This is the second consecutive year the Model 3 beat out other cars like the Model Y, Audi A6 Sportback E-tron, and the BMW i5.

The car, which is Tesla’s second-best-selling vehicle behind the popular Model Y crossover, has been in the company’s lineup for nearly a decade. It offers essentially everything consumers could want from an EV, including range, a quality interior, performance, and Tesla’s Full Self-Driving suite, which is one of the best in the world.

The publication rated the Model 3 at an 8.1 out of 10, and with its most recent upgrades and changes, Edmunds says, “This is the best Model 3 yet.”

In its Top Rated EVs piece on its website, it said about the Model 3:

“The Tesla Model 3 might be the best value electric car you can buy, combining an Edmunds Rating of 8.1 out of 10, a starting price of $43,880, and an Edmunds-tested range of 338 miles. This is the best Model 3 yet. It is impressively well-rounded thanks to improved build quality, ride comfort, and a compelling combination of efficiency, performance, and value.”

Additionally, Jonathan Elfalan, Edmunds’ Director of Vehicle Testing, said:

“The Model 3 offers just about the perfect combination of everything — speed, range, comfort, space, tech, accessibility, and convenience. It’s a no-brainer if you want a sensible EV.”

The Model 3 is the perfect balance of performance and practicality. With the numerous advantages that an EV offers, the Model 3 also comes in at an affordable $36,990 for its Rear-Wheel Drive trim level.

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Elon Musk’s xAI celebrates nearly 3,000 headcount at Memphis site

The update came in a post from the xAI Memphis account on social media platform X.

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Credit: xAI Memphis

xAI has announced that it now employs nearly 3,000 people in Memphis, marking more than two years of local presence in the city amid the company’s supercomputing efforts. 

The update came in a post from the xAI Memphis account on social media platform X.

In a post on X, xAI’s Memphis branch stated it has been part of the community for over two years and now employs “almost 3,000 locally to help power Grok.” The post was accompanied by a photo of the xAI Memphis team posing for a rather fun selfie. 

“xAI is proud to be a member of the Memphis community for over two years. We now employ almost 3,000 locally to help power @Grok. From electricians to engineers, cooks to construction — we’re grateful for everyone on our team!” the xAI Memphis’ official X account wrote. 

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xAI’s Memphis facilities are home to Grok’s foundational supercomputing infrastructure, including Colossus, a large-scale AI training cluster designed to support the company’s advanced models. The site, located in South Memphis, was announced in 2024 as the home of one of the world’s largest AI compute facilities.

The first phase of Colossus was built out in record time, reaching its initial 100,000 GPU operational status in just 122 days. Industry experts such as Nvidia CEO Jensen Huang noted that this was significantly faster than the typical 2-to-4-year timeline for similar projects.

xAI chose Memphis for its supercomputing operations because of the city’s central location, skilled workforce, and existing industrial infrastructure, as per the company’s statements about its commitment to the region. The initiative aims to create hundreds of permanent jobs, partner with local businesses, and contribute to economic and educational efforts across the area.

Colossus is intended to support a full training pipeline for Grok and future models, with xAI planning to scale the site to millions of GPUs.

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Ford embraces Tesla-style gigacastings and Cybertruck’s 48V architecture

Ford Motor Company’s next-generation electric vehicles will adopt technologies that were first commercialized by the Tesla Cybertruck.

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Credit: Tesla

Ford Motor Company’s next-generation electric vehicles will adopt technologies that were first commercialized by the Tesla Cybertruck, such as the brutalist all-electric pickup’s 48-volt electrical architecture and its gigacastings. 

The shift is expected to start with a roughly $30,000 small electric pickup that is expected to be released in 2027, which is part of Ford’s $5 billion investment in its new Universal EV platform, as noted in a CNBC report.

Ford confirmed that its upcoming EV platform will move away from the traditional 12-volt system long used across the auto industry. Instead, it will implement a 48-volt electrical architecture that draws power directly from the vehicle’s high-voltage battery.

Tesla was the first automaker to bring a 48-volt system to U.S. consumers with the Cybertruck in 2023. The architecture reduces wiring bulk, lowers weight, and improves electrical efficiency. It also allows power to be stepped down to 12 volts through new electronic control units when needed.

Alan Clarke, Ford’s executive director of advanced EV development and a former Tesla engineer, called 48-volt systems “the future of automotive” due to their lower costs and smaller wiring requirements. Ford stated that the wiring harness in its new pickup will be more than 4,000 feet shorter and 22 pounds lighter than that of its first-generation electric SUV.

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Apart from the Cybertruck’s 48-volt architecture, Ford is also embracing Tesla-style gigacastings for its next-generation EVs. Ford stated that its upcoming electric vehicle will use just two major structural front and rear castings, compared with 146 comparable components in the current gas-powered Maverick.

Ford CEO Jim Farley has described the effort as a “bet” and a “Model T moment” for the company, arguing that system-level innovation is necessary to lower costs and compete globally. “At Ford, we took on the challenge many others have stopped doing. We’re taking the fight to our competition, including the Chinese,” Farley previously stated.

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