BYD has announced discounts on its most popular EV models for the month of March.
While the effects of Tesla’s price cuts earlier this year have certainly been felt in western markets, the impact has been even more profound in China, where Tesla is locked in a head-to-head battle for EV sales dominance with BYD. Following the Tesla price cut in China, BYD reservations plummeted, and now the Chinese automaker has been forced to respond. The automaker has issued a discount for customers to reserve a BYD Seal EV sedan or Song Plus EV SUV.
BYD announced the discount on its Weibo social media account this morning, saying that between March 10th and the end of the month, customers can save either 6,888 yuan ($988) on a Song Plus or 8,888 yuan ($1,276) on a Seal if they reserve a vehicle during the timeframe and pay the 88 yuan reservation fee.
Strangely, BYD’s vehicles are already substantially cheaper than Tesla alternatives, which has allowed the Chinese automaker to increase its pricing twice over the past year. Nonetheless, with Tesla’s recent sales success, the Chinese automaker may have had no choice but to discount vehicles to help entice customers.
During the first two months of the year, Tesla’s most popular models outsold their BYD counterparts by thousands of vehicles each. 39,710 Tesla Model Ys were sold in the first two months of the year, compared to 34,621 Song Plus SUVs. During the same timeframe, 21,056 Tesla Model 3s were sold compared to 14,372 Seal sedans.
This competition has been almost entirely within the Chinese market as BYD has focused on its domestic offerings instead of spreading to other markets globally. However, with recent introductions of BYD vehicles in Japan, South East Asia, and South America, the two BYD and Tesla may be edging towards global competition in the coming years.
Both BYD and Tesla have dramatically increased their EV sales and production volumes in China over the past five years, hence the competition for leadership in the market. Though with Tesla’s growing following in the country, it remains unclear how much this new discount will sway buyers.
What do you think of the article? Do you have any comments, questions, or concerns? Shoot me an email at william@teslarati.com. You can also reach me on Twitter @WilliamWritin. If you have news tips, email us at tips@teslarati.com!

Elon Musk
Tesla rolls out Steer-by-Wire improvements to Cybertruck

Tesla is rolling out some improvements to the Steer-by-Wire system on Cybertruck, which is one of the features exclusive to the vehicle as it is not active on any other vehicle in the company’s all-electric lineup.
Steer-by-wire is a steering system that turns the direction of wheels mechanically. It differs from vehicles with typical electric power steering systems in the way that those rely on the steering wheel column to transfer steering torque to the wheels.
There are a handful of EVs that use steer-by-wire, including the Cybertruck, Hummer EV, and Silverado EV. The latter two use a traditional steering column and only have steer-by-wire on their rear wheels, so they differ from the system the Cybertruck uses.

Credit: Tesla
The system has made the massive Cybertruck have better steering, and although its size is large, it is one of the easier Tesla vehicles to steer through tight spaces — granted you have the room.
Tesla is making an improvement to the system, according to a new update that will roll out in the 2025.8.4 Software Update as the steering wheel is now going to give more realistic feedback by adapting to road surfaces, the company said (via Not a Tesla App):
“The steering wheel now gives you more realistic feedback, adapting to different road surfaces for a better driving experience.”
This feature will work alongside another improvement as the Cybertruck’s air suspension ride height is now adjustable through the Tesla App.
Tesla Cybertruck steer-by-wire system helps avoid potential collision
The changes from the update, in terms of the more realistic feedback, will improve the overall feel of the road for drivers, making for a better driving experience.
News
Rivian startup spinoff raises $105M in funding for micro EV production
Meet Also, Rivian’s micro EV spinoff, now a full-fledged startup with $105M in funding. It’s adapting Rivian’s tech for compact EVs.

Rivian’s skunkworks program has turned into a full-blown startup called Also. The new startup, which is separate from Rivian, raised $105 million from Eclipse Ventures. Also will focus on micromobility or the development of micro electric vehicles.
Also started within Rivian, aiming to figure out if the electric vehicle company’s technology could be condensed to fit smaller EVs, including vans, trucks, and SUVs. Eventually, the skunkworks program discovered it could, indeed, fit Rivian’s technology in smaller, more compact electric vehicles, but the project was bigger than Rivian.
“We’ve been taking the Rivian technology stack and adapting it to much smaller form factors and then coming up with some incredibly exciting embodiments of that technology in these very small form factors,” Rivian CEO RJ Scaringe told Reuters.
Rivian will always be part of Also. It holds a minority stake in Also and Rivian’s VP of future programs, Chris Yu, will be the startup’s president.
According to Scaringe, Also plans to debut its first vehicle designs later this year. One of the designs seems to be a bike, as Scringe described it having a seat, two wheels, and a screen with a few computers and a battery.
Also aims to start producing its flagship product by 2026 for customers in the United States and Europe. In addition, it plans to launch consumer and commercial vehicles made for Asia and South America.
Investor's Corner
Financial Times retracts report on Tesla’s alleged shady accounting
“Turns out FT can’t do finance,” Tesla CEO Elon Musk quipped on X.

The Financial Times has issued a retraction for an article it recently published that accused the electric vehicle maker of shady accounting practices.
The FT’s retraction has been appreciated by the electric vehicle community in social media, though many highlighted the fact that the publication’s initial erroneous allegations have already been spread across numerous other media outlets.
The Allegations
In an article published on March 19, the Financial Times pointed out that if one were to compare “Tesla’s capital expenditure in the last six months of 2024 to its valuation of the assets that money was spent on,” “$1.4 billion appears to have gone astray.”
The FT article highlighted that Tesla reported spending $6.3 billion on “purchases of property and equipment excluding finance leases, net of sales” in the second half of 2024. However, in that period, the company’s property, plant, and equipment only rose by $4.9 billion. As noted by members of the r/Accounting subreddit, this appeared to be the basis of the FT‘s article, which seemed careless at best.
Unfortunately, the publication’s allegations were quickly echoed by other news outlets, many of which proceeded to accuse Tesla of implementing shady accounting practices.
The Retraction
In its retraction, the Financial Times explained that Tesla’s payments for assets already purchased and the possible disposal of depreciated property could help explain the alleged discrepancy in the company’s numbers. With these in consideration, the publication noted that the “crack we’re left with at Tesla is now small enough — just under half a billion dollars — to be filled with some combination of foreign exchange movements, non-material asset write-offs, or the sale of machinery or equipment close to its not-fully depreciated value.”
“As we sound the Alphaville bugle while lowering this particular red flag, one unavoidable conclusion is that at a certain point it’s necessary to trust the auditor’s judgment,” the publication noted.
Tesla CEO Elon Musk has responded to the Financial Times‘ retraction, commenting, “Turns out FT can’t do finance” in a post on social media platform X.
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