Tesla sales sliding in China while BYD is on the rise, Bloomberg reports

Tesla’s (TSLA) hold on China has been sliding for the past five consecutive months, with shipments plunging 49% in February from a year earlier, Bloomberg reports. The market shares of Tesla in China are well under 5% while BYD’s (BYDDF) market shares are heading toward 15%. BYD sold more than 318,000 vehicles last month, which is up 161% year-over-year. Signs show BYD has begun to wedge itself into Tesla’s spot in the market.