Chinese automotive giant and electric vehicle (EV) maker BYD posted its 2023 earnings results this week, with the company reporting its slowest quarterly growth rate in almost two years.
In its full-year 2023 earnings report shared on Tuesday, BYD posted an 18.6 percent profit increase in Q4, marking its slowest growth rate since Q1 2022. The automaker posted 8.67 billion yuan (~1.2 billion) during the quarter, along with a revenue increase of 15.1 percent to 180.04 billion yuan (~$24.9 billion).
The $10,000 BYD Seagull EV is scaring the U.S. auto industry
BYD’s full-year 2023 net profit increased by 80.7 percent to 30.04 billion yuan (~$4.16 billion).
The fourth quarter also took place as many were airing signals around slowed EV demand, and following a year dominated by Tesla’s aggressive price cuts—causing BYD and nearly every other automaker in the world to decide between losing potential customers to better prices or losing profit margin on EVs sold.
“The latest round of price cuts would inevitably result in a margin hit,” said John Zeng, London consulting firm GlobalData’s Head of China Market Forecasting (via Reuters).
This week, BYD reached a milestone of 7 million new-energy vehicles (NEVs) produced, and the auto giant sold a total of 1.57 million battery-electric vehicles (BEVs) last year. In 2020, BYD was still largely focused on transitioning from gas vehicles to NEVs, and the automaker only sold 130,970 BEVs.
China is one of Tesla’s most important auto markets, and BYD has been the U.S. automaker’s most competitive rival in the market by a longshot.
Although BYD doesn’t sell its vehicles in the U.S. yet, it’s eventually expected to do so, and its low-cost BEVs are causing significant concern among auto analysts in the market. Similar concerns have been echoing across Europe. BYD also reached a milestone of producing 200,000 of its sub-$10,000 Seagull EV in November, and it made sweeping price cuts to 13 of its models in response to Tesla’s price cuts last year.
Click here to see BYD’s full 2023 report, or check out the automaker’s full list of annual reports here.
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Starlink terminals smuggled into Iran amid protest crackdown: report
Roughly 6,000 units were delivered following January’s unrest.
The United States quietly moved thousands of Starlink terminals into Iran after authorities imposed internet shutdowns as part of its crackdown on protests, as per information shared by U.S. officials to The Wall Street Journal.
Roughly 6,000 units were delivered following January’s unrest, marking the first known instance of Washington directly supplying the satellite systems inside the country.
Iran’s government significantly restricted online access as demonstrations spread across the country earlier this year. In response, the U.S. purchased nearly 7,000 Starlink terminals in recent months, with most acquisitions occurring in January. Officials stated that funding was reallocated from other internet access initiatives to support the satellite deployment.
President Donald Trump was aware of the effort, though it remains unclear whether he personally authorized it. The White House has not issued a comment about the matter publicly.
Possession of a Starlink terminal is illegal under Iranian law and can result in significant prison time. Despite this, the WSJ estimated that tens of thousands of residents still rely on the satellite service to bypass state controls. Authorities have reportedly conducted inspections of private homes and rooftops to locate unauthorized equipment.
Earlier this year, Trump and Elon Musk discussed maintaining Starlink access for Iranians during the unrest. Tehran has repeatedly accused Washington of encouraging dissent, though U.S. officials have mostly denied the allegations.
The decision to prioritize Starlink sparked internal debate within U.S. agencies. Some officials argued that shifting resources away from Virtual Private Networks (VPNs) could weaken broader internet access efforts. VPNs had previously played a major role in keeping Iranians connected during earlier protest waves, though VPNs are not effective when the actual internet gets cut.
According to State Department figures, about 30 million Iranians used U.S.-funded VPN services during demonstrations in 2022. During a near-total blackout in June 2025, roughly one-fifth of users were still able to access limited connectivity through VPN tools.
Critics have argued that satellite access without VPN protection may expose users to geolocation risks. After funds were redirected to acquire Starlink equipment, support reportedly lapsed for two of five VPN providers operating in Iran.
A State Department official has stated that the U.S. continues to back multiple technologies, including VPNs alongside Starlink, to sustain people’s internet access amidst the government’s shutdowns.
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Tesla ramps up Sweden price war with cheaper Model Y offer
The incentive effectively acts as a manufacturer-funded EV bonus and makes the entry-level Model Y more affordable.
Tesla has introduced a new 40,000 SEK incentive in Sweden, lowering the price of its most affordable Model Y to a record low. The incentive effectively acts as a manufacturer-funded EV bonus and makes the entry-level Model Y more affordable.
As per a report from Swedish auto outlet Allt om Elbil, Tesla Sweden is offering a 40,000 SEK electric car bonus on the entry-level Tesla Model Y Rear-Wheel Drive variant. The incentive lowers the purchase price of the base all-electric crossover to 459,900–459,990 SEK, depending on listing.
The bonus applies to orders and deliveries completed by March 31, 2026. Tesla Sweden is also offering zero-interest financing as part of the campaign.
Last fall, Tesla launched a new base version of the Model Y starting at 499,990 SEK. The variant features a refreshed design and simplified equipment compared to the Premium and Performance variants. The new 40,000 SEK incentive now pushes the entry model well below the 460,000 SEK mark.
So far this year, the Model Y remains the most registered electric vehicle in Sweden and the third most registered new car overall. However, most registrations have been for higher Premium-spec versions. The new incentive could then be Tesla’s way to push sales of its most affordable Model Y variant in the country.
Tesla is also promoting private leasing options for the entry-level Model Y at 4,995 SEK per month. Swedish automotive observers have noted that leasing may remain the more cost-effective option compared to purchasing outright, even after the new discount.
The base Model Y Rear-Wheel Drive offers a WLTP range of 534 kilometers, a top speed of 201 km/h, and a 0–100 km/h time of 7.2 seconds. Tesla lists energy consumption at 13.1 kWh per 100 kilometers, making it the most efficient version of the vehicle in the lineup and potentially lowering overall ownership costs.
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Tesla China hires Autopilot Test Engineer amid continued FSD rollout preparations
The role is based in Lingang, the district that houses Gigafactory Shanghai.
Tesla is hiring an Autopilot Test Engineer in Shanghai, a move that signals continued groundwork for the validation of Full Self-Driving (FSD) in China. The role is based in Lingang, the district that houses Gigafactory Shanghai and has become a key testing zone for advanced autonomous features.
As observed by Tesla watchers, local authorities in Shanghai’s Nanhui New City within Lingang have previously authorized a fleet of Teslas to run advanced driving tests on public roads. This marked one of the first instances where foreign automakers were permitted to test autonomous driving systems under real traffic conditions in China.
Tesla’s hiring efforts come amid ongoing groundwork for a full FSD rollout in China. Earlier reporting noted that Tesla China has been actively preparing the regulatory and infrastructure foundation needed for full FSD deployment, even though the company has not yet announced a firm launch date for the feature in the market.
As per recent comments from Tesla China Vice President Grace Tao, the electric vehicle maker has been busy setting up the necessary facilities to support FSD’s full rollout in the country. In a comment to local media, Tao stated that FSD should demonstrate a level of performance that could surpass human drivers once it is fully rolled out.
“We have set up a local training center in China specifically to handle this adaptation,” Tao said. “Once officially released, it will demonstrate a level of performance that is no less than, and may even surpass, that of local drivers.”
Tesla CEO Elon Musk has been quite bullish about a potential FSD rollout in China. During the 2025 Annual Shareholder Meeting, Musk emphasized that FSD had only received “partial approval” in China, though full authorization could potentially arrive around February or March 2026. This timeline was reiterated by the CEO during his appearance at the World Economic Forum in Davos.