Warren Buffett-backed EV maker BYD surprises with stellar first quarter sales as Tesla continues to slide

Chinese carmaker BYD is gaining momentum in the increasingly competitive global EV race, while the dominance of longtime leader Tesla wanes. BYD's strong first-quarter performance contrasts with plummeting expectations for Elon Musk-owned EV maker Tesla, whose stock has dropped nearly 30% year to date. If Wedbush's prediction is accurate, Tesla's vehicle deliveries will have grown less than 1% year over year, but would still be higher than BYD's pure EV sales during the same period. Tesla is set to report its first-quarter vehicle deliveries on Tuesday. Despite years of strong growth, Tesla has faced increasing competition from Chinese automakers, including BYD. The carmaker late last year surpassed Tesla for the first time as the world's biggest EV seller on a quarterly basis. The global EV race has started to heat up, especially as lower-priced vehicles from China make headway overseas, much to the dismay of Western governments and established carmakers such as Nissan and Honda as well as Tesla. Still, Musk has cautioned investors that Tesla will likely face "Notably lower" sales growth this year.