BYD Senior Exec Taunts Musk That Tesla Will Lose Market Share And Face Challenges In Its AI Selfdriving System

BYD Co.'s top executive has blasted the Chinese automaker's rivalry with Tesla Inc. And Elon Musk warned that the company faces challenges in the area of ​​intelligent driving systems.

Zhao Changjiang, sales director of Denza with Mercedes-Benz AG, wrote on Chinese social media site Weibo in response to a comment posted online earlier this month.

While Zhao didn't mention Tesla or Musk, it appears he was referring to a message Musk posted on his platform X in early January. Responding to a thread comparing Tesla and BYD, Musk said his company is an artificial intelligence company, not an automaker.

Zhao warned Tesla could lose market share.

"In 2024, you'll face big challenges with advanced driver assistance systems and car models like the Denza N7 that will change the landscape of the automotive market and the growth of the Model Y!" Zhao said, referring to Tesla's Model Y crossover SUV.

BYD's rapid growth has threatened Tesla's long-held title as the world's largest electric vehicle manufacturer. The Shenzhen-based company outperformed Musk for the first time in the fourth quarter, but could not match this performance for the full year.

Tesla, which will release results after the market closes on Wednesday, faces mounting pressure as global demand for electric vehicles declines and it seeks to maintain profitability. The company has slashed prices in China as competition in the world's biggest auto market intensified and investor skepticism drove the company's market value down by more than $94 billion in two weeks this year.

Learn all about cryptocurrencies with short and easy-to-follow lesson plans. Click here for Fortune's crash course on cryptocurrencies.

Ford Seat: Tesla will win / Why Tesla chose Chile now / Tesla Semi: 2 things ⚡️