• Tesla launched a redesigned Model Y in China with a revamped Cybertruck-like look.
• Tesla recently reported a year-over-year sales decline amid EV-market challenges.
• Tesla is taking an Apple-like approach by iterating on a product rather than creating a new one.

Tesla's new Model Y in China has a Cybertruck-like design, a noticeable change that could be just what Tesla needs to refresh its aging car lineup.

Tesla's new Model Y has a redesigned exterior along with updated suspension, wheels, and tires. The company says it's also quieter and more efficient, and it has an 8-inch rear touchscreen.

The company says the car includes "soft-touch textiles" to give passengers the feeling that they're "floating in space," drawing inspiration from other futuristic Tesla designs.

It's not far off from Tesla's Model 3 redesign in 2023, which introduced a more luxurious and minimalist aesthetic. It similarly featured a quieter cabin and a rear screen.

The front end was made sleeker with slimmer headlights and a new wheel design. The dashboard and steering wheel were also redesigned.

While the new Model Y's design isn't nearly as radical as the Cybercab's or the Cybertruck's, that might be intentional. Sometimes drastically changing the look of a vehicle can be polarizing.

One Cybertruck driver told BI that he'd owned all Tesla models but faced negative reactions on the road only with his Cybertruck. The driver, a YouTuber, also said a sponsor declined to be featured in a video with his truck because of its polarizing nature.

The refreshed model is still likely to generate conversation about Tesla's most popular vehicle, one of the best-selling cars. It could stick out on the road and broadcast that drivers are in the latest Tesla, which may help boost sales or convince existing Model Y owners to upgrade.

It's similar to Apple's approach with the iPhone, in which the company has opted to enhance its models rather than build a new product line. Like Apple, Tesla offers frequent over-the-air software updates. When it comes to hardware updates, Tesla often offers a revamped design and features rather than a new vehicle.

Last week, Tesla reported its first year-over-year sales decline. The car giant said it sold about 1.79 million cars in 2024, slightly fewer than the 1.8 million it sold in 2023. While Tesla's fourth-quarter deliveries increased by more than 11,000 from the prior year, they fell short of analysts' expectations.

It's been a challenging time for the EV industry, which has slowed in the past couple of years because of factors including limited charging infrastructure and a lack of affordable options. President-elect Donald Trump's inauguration adds uncertainty to the landscape, as he has vowed to eliminate EV tax credits.

The Model Y refresh in China comes at a pivotal moment for Tesla. It's facing increasing pressure from competitors like BYD, which has experienced surging demand and is challenging Tesla's dominance in the country.

While the new model hasn't launched in the US, it's giving investors something to look forward to in 2025, in addition to a lineup of cheaper EVs.

• Tesla has launched a refreshed Model Y in China as it fights off fierce competition from local rivals.
• The new Model Y is also available to order in Australia and parts of Asia, but there's no sign of a US release yet.
• Tesla is under pressure, with annual sales falling even as Chinese competitors like BYD report booming demand.

Tesla has launched an updated version of its most successful car — but you can't order it in the US yet.

Elon Musk's automaker unveiled a long-rumored refresh of the Model Y on Friday, with deliveries set to begin in China in March as the company fights off fierce competition from local EV rivals.

The new Model Y will have a longer range than its predecessor and an updated design that includes a Cybertruck-style light bar, according to Tesla's Chinese website.

The updated EV is available to order in China, parts of southeast Asia, Australia, and New Zealand. It's unclear when it will come to the US or Europe.

In China, it will cost 263,500 yuan ($35,900), around $3,000 more expensive than the starting price of the existing model.

The new Model Y's first appearance in China is no surprise, as Tesla is locked in a brutal price war with local EV companies in the world's largest auto market.

BYD, Nio, and Zeekr all reported big increases in annual electric vehicle sales earlier this month, with Tesla nemesis BYD announcing it had sold 1.76 million EVs in 2024 on the back of strong demand for its affordable models.

Tesla still leads the way, selling 1.79 million vehicles last year, but the carmaker reported its first decline in annual sales in 2024, and is under pressure to meet Elon Musk's ambitious target of 20-30% sales growth this year.

Tesla will hope a refreshed Model Y will help it hit that lofty target and refresh an increasingly stale product lineup.

The last new vehicle released by the company in 2023 was the Cybertruck, which isn't sold in China and has failed to significantly boost Tesla's sales figures.

Some workers on the Cybertruck line in the US have been moved to Model Y production, employees at Tesla's Austin factory told Business Insider.

The automaker has said it will release new, affordable EV models in the first half of this year but is yet to share any details, with Musk focusing instead on the steering wheel-less Cybercab he unveiled in October.

Tesla did not immediately respond to a request for comment from Business Insider.

• Tesla might be about to make a huge windfall off its rivals failing to sell enough EVs.
• The US automaker is banding together with rivals like Ford and Toyota to help them meet tough new European emissions rules.
• UBS analysts estimated the move could net Tesla $1 billion in compensation.

Tesla might be about to make a huge windfall on electric cars its rivals aren't selling.

The EV giant is banding together with major competitors, including Ford, Stellantis, and Toyota, to help them meet European emissions targets, in a deal UBS analysts estimated could net the company as much as $1 billion.

European manufacturers face tough emissions targets this year, and could be hit with hundreds of millions of dollars worth of penalties and fines if they fail to comply.

The strict new measures come even as electric vehicle sales across the continent have stagnated, with several countries rolling back subsidies for customers buying EVs.

Carmakers lagging behind on electric vehicle sales have the option to "pool" with rivals to average out their emissions, effectively buying carbon credits from EV heavyweights like Tesla.

Toyota, Ford, Stellantis, and Mazda were among the automakers who have "pooled" with Tesla, according to a European Union filing released on Wednesday, with Mercedes-Benz forming a separate pool with Volvo and EV brand Polestar.

A report from UBS analysts on Wednesday found that Tesla's total compensation for selling credits to its pooled rivals could exceed $1 billion, while Volvo and Polestar could be in line to bank $300 million.

Selling regulatory credits to rivals who are lagging behind on EV sales has been a highly lucrative business for Tesla in recent years, with the company making $739 million from the practice in the third quarter of 2024.

Tesla's regulatory credits business has long been expected to diminish as other automaker's EV efforts pick up speed, but it has remained strong as lacklustre demand for electric vehicles has left many of the company's rivals struggling to meet emission targets.

That could soon change, however.

Incoming US president — and Elon Musk's political ally — Donald Trump has promised to roll back emissions targets and EV regulations once in office. JP Morgan analysts recently warned that removing EV regulations and subsidies could cost Tesla as much as $3.2 billion.

Tesla did not respond to a request for comment from Business Insider.

• Andrew Lambrecht rented a 2023 Polestar 2 to compare it to his 2021 Tesla Model 3.
• He discovered the Polestar 2 has a premium feel but lacks efficiency and tech compared to Tesla.
• If he were in the market for a new EV, he would choose the Tesla Model 3 Long Range RWD.

Last summer, I bought my second used Tesla Model 3, a 2021 Long Range AWD in the low $20,000 range, with incentives. I considered several other options but decided to buy another Model 3 for its engaging driving dynamics, wickedly fast acceleration, solid tech, and reliable powertrain.

I enjoy driving my Model 3, but the market has grown to include many more attractive options than just Tesla, like the Polestar 2, a four-door that arrived in the US in late 2020. It boasts a clean yet muscular design and solid, but not groundbreaking, range, charging, and performance.

The Polestar 2 looks like a good car on paper but flies below the radar. To learn more about the sporty sedan, I rented one from Hertz for a week to test it at $48 per day, which included mandatory airport fees and taxes. For the purpose of this story, Business Insider compensated me for the rental price.

Who is Polestar?

Polestar is a Swedish automotive upstart founded by Volvo and China-based Geely Holding Group in 2017. The electric vehicle maker offers three electric cars: the 2 sedan, the 3 SUV, and the 4 crossover.

Having roots with Volvo, Polestars and Volvos share a lot of components. Volvo recently divested from Polestar, though the two automakers still collaborate on manufacturing and engineering ventures.

Polestar 2: First impressions

When I picked up the Polestar 2, I noticed that my rental was the base version with a 2023 Dual Motor but no added packages besides upgraded 20-inch wheels. That said, all models' exteriors and interiors look virtually the same aside from different trim pieces and a glass roof.

As soon as you enter the Polestar, its Scandinavian vibe is evident. Its muscle car-esque proportions and higher-raked windshield make it feel like you're in a cocoon. A high-sitting center console, standard metal roof, and dark headliner material give the Polestar a sporty, mature, and premium vibe.

It feels well-built. The doors with framed windows produce a solid "thunk" when closing, and the blinker stocks, drive selector, and steering wheel all have a high-end feel.

There are some hard-touch plastics here and there (more than in a Tesla), but elements like the brushed metal door handles redirect your focus. The Polestar 2 feels better built than my older Model 3 but is on par with the refreshed 2024 version. I can see buyers preferring either.

On the road with the Polestar 2

Despite being an AWD electric sedan like the Tesla Model 3, the most noticeable difference is the weight. The Polestar 2 weighs 4,650 pounds — the big battery Model 3 weighs 4,019. 600 pounds is a sizable difference, and you can feel it when taking corners.

Still, the Polestar 2 is a rapid vehicle. With 402 horsepower, it can hustle to 60 in about 4.5 seconds. Unlike the Model 3, you can launch it by pressing your left foot on the brake pedal and right foot on the accelerator, then letting the brake go.

On the road, the Polestar 2 also does an excellent job of minimizing vibrations. While the new Model 3 is much better in this regard, there's a notable difference with my outgoing Model 3.

Another benefit is the added ground clearance and lower plastic cladding. While it's no rugged SUV, the Polestar 2 is capable of light off-roading with 6 inches of ground clearance.

Polestar range and charging

During my final day with the Polestar, I drove through the North Carolina mountains and stopped at a 350-kilowatt EA station outside Asheville. I recorded around 30 minutes to go from 17 to 80% charged. In that time, the charger dispensed 53 kilowatt-hours, which cost $30.91. This charging time is fine but not revolutionary.

The Polestar 2 has a peak charge rate of 150 kilowatts but dropped below the 100-kilowatt threshold by around 55%. The Model 3 has a peak of 250 kilowatts, but it sees a similar drop to the 100-kilowatt mark at around 60% charge. The big difference is its efficiency. The Polestar has a battery similar in capacity to my Model 3, but it can't go as far on a charge.

I recorded an estimated 224 miles of range at 70 miles per hour. My 2021 Model 3 can get around 270 miles within that speed range. Since the Polestar 2 isn't as efficient as the Tesla Model 3, it'll need more energy to travel the same distance, increasing the cost.

I never had any anxiety with the Polestar, as its range was still more than ample for my driving, averaging over 100 miles per day. When I get to campus, I plug in and head to class.

Average tech and missing safety features

Despite having a sticker price above $50,000, the Polestar had virtually no safety features. This one didn't have adaptive cruise control, lane centering assist, or even a blind spot monitor. For comparison, every new Tesla, Hyundai, Kia, Volkswagen, and Toyota EV comes with adaptive cruise control as standard.

Another disappointing area of the Polestar 2 is its lackluster technology. While the Polestar features two crisp displays powered by Google software, the computer chip powering them is an Intel A3900 chip, which debuted in 2016. The result is a display that can be laggy and somewhat unresponsive.

Nevertheless, it's still better than other systems I've used before. The Google-based system effortlessly adds charging stops, telling you what percentage you'll arrive with and how long you'll need to charge, but for a fresh-faced automaker, it trails behind Rivian and Tesla.

Verdict

I liked many things about the Polestar but wouldn't buy a new one. If I were looking at the new market, the updated Tesla Model 3 Long Range RWD is the better buy. It offers 363 miles of range, better charging, more standard features, and a lower price tag.

If you're buying used with a budget in the mid to upper-$20,000 range, the Polestar 2 is worth a look. Just due to the sheer number of Teslas on the road, the 2 is refreshing. It drives well, has a decent range, and has an alluring Scandinavian aura.

While the Model 3 started it all, the Polestar is a solid alternative that checks different boxes. There's a lot to like about it, and I will miss my time driving it.

Tesla has revealed a new-look Model Y meant for the Chinese and other Asian-Pacific markets, marking the first major update to the SUV since its launch in 2020. The redesign comes as Tesla finished 2024 having delivered fewer vehicles than it did in 2023. It was the first year-over-year drop since the company started selling […]

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A Delaware judge has approved a settlement that will see Tesla directors — including Chair Robyn Denholm, Oracle founder Larry Ellison, Kimbal Musk, and James Murdoch — return up to $919 million to the automaker, officially resolving allegations that they overpaid themselves, per Reuters.  The settlement concludes a 2020 lawsuit by the Police and Fire […]

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• Hyundai CEO Jose Munoz isn't worried about Elon Musk's close relationship with Donald Trump.
• The boss of the Tesla rival told Bloomberg it may actually be good for the US auto industry.
• Musk has signaled support for cutting the EV tax credit, which he said would "devastate" Tesla's rivals.

With his close ties to President-elect Trump, Elon Musk is more influential than ever — but the boss of one of Tesla's biggest rivals isn't worried.

Hyundai CEO Jose Munoz said on Tuesday that he thinks the Tesla CEO's outsize influence over the Trump administration may actually be positive for the rest of the auto industry.

"I don't see that as a concern, honestly," Munoz said in an interview with Bloomberg.

The Hyundai CEO said he believed it was in Musk's own interests to ensure the US continued to promote EV investment and growth, and remained competitive with China's upstart electric vehicle industry.

"I think having someone who is very close to the US industry and the EV world (in that position) should be positive for the industry," Munoz added.

Musk's close relationship with Trump, which has seen the billionaire take on an advisory role to cut government spending at the so-called Department of Government Efficiency, has raised fears that the Tesla CEO could use his newfound influence to boost his own company and target rival automakers.

Musk has already signaled his support for cutting the $7,500 federal subsidy for new US-made electric cars, which applies to Hyundai, Ford, General Motors, and Tesla vehicles.

The SpaceX founder and analysts have both said cutting the subsidy will have a greater impact on Tesla's rivals, with Musk saying the move would "devastate" the company's competitors and benefit Tesla in the long term in a November earnings call.

Musk's DOGE cofounder Vivek Ramaswamy has also said the cost-cutting body will "carefully scrutinize" the $7.5 billion in federal loans granted by the Biden administration to Tesla rivals Rivian and Stellantis.

It comes as Hyundai and its sister company, Kia, continue to see strong electric vehicle sales in the US.

The two companies reported record EV sales in the US last year thanks to new models like the IONIQ 5 and Kia EV9. In June, their combined parent group beat out Ford and GM to briefly become the second-largest EV seller in the country behind Tesla.

Hyundai did not respond to a request for comment, sent outside normal working hours.

• BYD released a video of its $233,000 electric supercar leaping over potholes and road spikes.
• The Yangwang U9 comes with intelligent suspension that allows it to "jump" up to six meters forward.
• The U9 is part of BYD's efforts to diversify into luxury EVs as it looks to take on Tesla.

BYD's most expensive EV has a novel way of dealing with potholes.

The Chinese Tesla rival launched its first supercar, the $233,400 Yangwang U9, last year and has now shown off the luxury EV's ability to "jump" over potholes and road spikes in a new video.

In the video, released on BYD's Weibo account on Monday, an autonomously-driven U9 accelerates to 120 km/h before using its suspension to launch itself up to six meters forward over a pothole, a set of road spikes, and a chalk flag.

BYD is known for its ultra-cheap electric vehicles, such as the $10,000 Seagull, but like other Chinese automakers, it is now expanding into higher-end luxury vehicles.

The company began selling the U9, which has a top speed of 192 mph and can sprint from 0 to 62 km/h in just 2.36 seconds in February 2024.

The luxury EV can charge from 30-80% in just 10 minutes and is packed with futuristic features.

Its DiSus-X intelligent suspension allows the U9 to leap over small holes, "dance" to music, and drive with only three wheels, as the company showed off at the vehicle's launch last year.

BYD's Yangwang brand offers its most high-end models. The Yangwang U8 hybrid SUV, which BYD began selling in April 2023, comes with an onboard drone and can even float on water for short periods.

While the Tesla rival's luxury offerings frequently turn heads, BYD's in-demand affordable EVs and hybrids have turned the company into arguably Elon Musk's most potent challenger.

The Chinese automaker announced record annual sales earlier this month and is expanding into a host of new markets. BYD announced on Tuesday that it was sending nearly 5,000 electric vehicles to Europe aboard its third purpose-built container ship.

The National Highway Traffic Safety Administration has opened an investigation into 2.56 million Tesla vehicles after several crashes involving the automaker’s “Actual Smart Summon” remote parking feature. Tesla released Actual Smart Summon, or ASS for short, via software update in September. It allows Tesla owners to use their app to command the vehicle drive itself […]

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Tesla is the target of yet another federal safety probe, the fourth currently open by the National Highway Traffic Safety Administration's Office of Defects Investigation. Today's trouble concerns the automaker's "Smart Summon" and "Actually Smart Summon" features, which allow Tesla drivers to remotely control their vehicles via a smartphone app.

At least in theory, that is. In practice, NHTSA says it's aware of multiple crash allegations "where the user had too little reaction time to avoid a crash, either with the available line of sight or releasing the phone app button, which stops the vehicle’s movement."

Worse yet, Tesla has failed to report any of these incidents to the safety regulator, which has a standing general order that requires any automaker or operator of autonomous or partially automated vehicles to report crashes involving such systems that occur on publicly accessible roads.

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• A friend of Charlie Munger's says Munger doubled his money on a contrarian bet soon before his death.
• The friend, Li Lu, gave an interview in which he discussed Munger's careful approach to investing.
• Li also described dramatically different approaches to risk tolerance between Munger and Elon Musk.

Charlie Munger was still sniffing out bargains and scoring big gains at age 99, says a close friend of the late investing icon.

Munger, Warren Buffett's business partner and Berkshire Hathaway's vice chairman for more than four decades, died in late November 2023, about a month shy of his 100th birthday.

In a rare interview marking the first anniversary of Munger's death, Li Lu told the Chinese social network Zhenge Island that one of Munger's last moves was a contrarian bet.

"There was a stock that everyone disliked, and it might not be particularly politically correct," Li said. But that didn't stop Munger from studying the company and buying its shares, continued the Himalaya Capital Management founder, whom Munger once described as the "Chinese Warren Buffett."

"The week before he died, this stock had doubled from the time he started investing to that time," Li said. It's unclear which stock he was referring to. Li didn't immediately respond to a request for comment from Business Insider.

Li said the wager showed Munger retained his passion for investing until the end and "could still go against the market consensus and live to see this stock double." He said the stock remained "in the Munger family portfolio" and was "still performing very well."

Li was the only person apart from Buffett who Munger trusted to invest his family's money. He introduced Munger to BYD, the Chinese EV maker that's been one of Berkshire's best investments over the past decade.

Describing Munger's careful approach toward investing, in his interview with Zhenge Island he also seemed to allude to a story Munger had discussed at Daily Journal's annual meeting in 2017, saying Munger "read Barron's magazine every week for 50 years and only made one investment."

"In 50 years I found one investment opportunity in Barron's, out of which I made about $80 million with almost no risk," Munger said in 2017. "I took the $80 million and gave it to Li Lu, who turned it into $400 to $500 million. So I have made $400 to 500 million out of reading Barron's for 50 years and following one idea."

Munger added further details, indicating that the stock was an auto supply company named Tenneco that Apollo Global Management acquired in late 2022. He said that he made 15 times his money on the stock in about two years and that it took him only 90 minutes of research to pull the trigger after reading about it.

Lunch with Elon Musk

Li recalled a lunch with Munger and Elon Musk in which he said the Tesla and SpaceX CEO tried to win Munger's investment. He said the discussion showed their similar thinking on subjects such as batteries and science but also their stark differences in risk appetite. While Musk was willing to do things with only a 5% chance of success, he said, Munger "may need more than 80% chance of success before he will do it."

Musk has previously discussed meeting Munger. Early in 2023 he posted on X that "Munger could've invested in Tesla at ~$200M valuation when I had lunch with him in late 2008." Musk's automaker went on to become one of the world's largest companies and is now worth about $1.3 trillion.

"I was at a lunch with Munger in 2009 where he told the whole table all the ways Tesla would fail," Musk wrote in another post. "Made me quite sad, but I told him I agreed with all those reasons & that we would probably die, but it was worth trying anyway."

Correction: January 7, 2025 — This story was updated to reflect that it wasn't clear from Li Lu's interview where Charlie Munger got the idea for the contrarian bet that Li said Munger made at age 99. The story also misstated when Elon Musk posted one of his comments about Munger. It was in early 2023, not early last year.

Japanese automaker Toyota is “exploring rockets,” chairman Akio Toyoda announced on stage at CES 2025 on Monday, while hinting at the idea of moving people through space. The rocketry mention on the CES 2025 stage came while Toyoda was in the middle of explaining how he views his company’s myriad technologies as “invention by kakezan,” […]

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• Hertz is asking some people renting Teslas and other EVs if they want to buy their vehicles.
• The rental company said last year that it would sell 30,000 EVs amid a slowdown in demand.
• Hertz is offering used Teslas for as little as about $18,000.

Hertz is continuing to reduce the number of EVs in its fleet by offering customers renting an electric car the opportunity to buy it at a bargain.

Last year Hertz said it would sell 30,000 EVs, including cars from Tesla, Polestar, and Volvo, because of the cost of repairs and maintenance.

The fire sale means Teslas are being listed at discounted prices on Hertz's website, and now the company is asking some renters if they'd like to buy their EV.

One person on Reddit recently said they were offered a 2023 Tesla Model 3 — which sells new for about $35,000 after federal incentives — for $17,913. The post included a screenshot of an email describing the offer as an opportunity "to think of this rental as a test drive!"

Other people said they'd been offered similar deals for Polestar and Chevy electric cars.

A Hertz spokesperson told Business Insider the emails were part of an effort to give all customers the chance to buy an EV or combustion-engine car that the company would soon put up for sale. Rental companies usually sell their cars after they have been driven a certain number of miles.

Hertz's decision to buy 100,000 Teslas in 2021 was hailed as a turning point for the EV industry, but the rental company's electric shift hasn't gone to plan.

Its EV fleet, which also includes cars from General Motors and Polestar, has had higher-than-expected repair costs and low resale values as demand for EVs has slowed over the past year.

Hertz's EV fire sale means buyers can pick up a used Tesla Model 3 for as little as $17,900 or a Model Y for $27,700.

• Nvidia's Jensen Huang admitted he gets stage fright despite his cool persona in tech.
• Huang's nerves are shared by other tech leaders like Elon Musk and Mark Zuckerberg.
• Many have worked meticulously to lessen the pressure of public speaking.

Nvidia CEO Jensen Huang is considered a "cool guy" in the tech industry, but he revealed in a recent interview that being onstage still makes him nervous.

Huang's "60 Minutes" interview aired on December 29. The Nvidia co-founder said walking out to a big crowd at last year's GTC AI Conference was a scary experience.

"I'm an engineer, not a performer. When I walked out there, and all of the people going crazy, it took the breath out of me," Huang said after giving his keynote. "I'm still scared."

He's at the helm of a company valued at over $3 trillion, and Huang's style (like his signature black leather jacket) and his meteoric success in the booming AI field have earned him a cool guy reputation in Silicon Valley. Still, Huang acknowledged his nerves around delivering a speech — something he will have to confront again when he presents a keynote speech at CES in Las Vegas on Monday.

He's not the only tech founder to struggle with public speaking. Steve Jobs, the Apple cofounder known for leading iconic launch events, might've appeared like a natural at public speaking but reportedly planned them out months in advance.

His effortlessness was envied by Microsoft founder Bill Gates, who said Jobs had a talent for looking unrehearsed while on stage. Brent Schlender and Rick Tetzeli wrote in their 2015 book "Becoming Steve Jobs" that he actually spent entire days going over a presentation.

"I'll never achieve that level," Gates said on an episode of the Armchair Expert podcast.

Other leaders have been open about their nerves when addressing large crowds onstage. Meta CEO Mark Zuckerberg turned 40 in 2024, and he said he "didn't know anything about running a company, communicating publicly, etc" when he founded Facebook as a teen.

However, age and experience have made him more comfortable being himself in public, Zuck said on Threads.

Elon Musk was one of the most outspoken voices in 2024. As the owner of X, formerly Twitter, Musk uses his account to post almost daily. Before he owned the platform, he was still an active tweeter but admitted his lack of skills in public speaking in 2019.

Warren Buffett, billionaire investor and Berkshire Hathaway CEO, once said his fear of public speaking would've been detrimental to his career.

"I had been terrified of public speaking. I couldn't do it," Buffett said in the 2017 documentary "Becoming Warren Buffett."

Instead of letting his anxiety get in the way of his career, Buffett said he enrolled in a public speaking course after graduating from business school in 1951. Decades later, he still credits the course with changing his life.

• Experts told BI the explosives detonated in an apparent attack outside a Trump hotel didn't appear sophisticated.
• One explosives expert said the incident, where the driver was an active-duty Army service member, appeared "poorly executed."
• Authorities said the explosives were "not what we would expect from an individual with this type of military experience."

Explosive experts told Business Insider the damage from the materials detonated inside a Tesla Cybertruck in front of the Trump International Hotel in Las Vegas would likely have been worse if the items used had been more sophisticated.

The explosive-laden Cybertruck, which authorities say carried gasoline tanks, camping fuel, and large firework mortars, injured at least seven people. The driver, an active-duty Army service member named Matthew Alan Livelsberger, shot himself moments before the explosives detonated on Wednesday, authorities said.

Tesla CEO Elon Musk took to social media in the wake of the incident to praise the Cybertruck's design and suggest it helped limit the damage of the explosion.

Nick Glumac, a mechanical science and engineering professor at the University of Illinois Urbana-Champaign, told BI that the volume of the explosion was likely due to the types of explosives used. Glumac said this was a "poorly executed" incident if the intent was to cause major damage.

"It would be very difficult to get the types of fuels here to make into a large scale destruction kind of event," Glumac said.

Glumac said similar improvised explosive device blasts look very different from what occurred on January 1. He also pointed to the Oklahoma City Bombing in 1995, when Army veteran Timothy McVeigh detonated an explosive-laden rental truck that killed 168 people and reduced a third of the federal building to rubble.

"That was very carefully planned. They knew what they were doing," Glumac said about the Oklahoma City Bombing, adding that the Cybertruck explosion on January 1, by contrast, appeared "very improvised."

'The level of sophistication is not what we would expect from an individual with this type of military experience'

Car and truck bombs were a key feature of the wars in Iraq and Afghanistan, to which the suspect deployed at least three times. In many of those instances, vehicles were packed with enough explosives to blast fortified positions or take down buildings. The war in Ukraine has similarly suggested that heavily armored vehicles and tanks can be used as rolling car bombs.

Officials spoke about the explosive materials used in the incident during a Thursday press conference.

"The level of sophistication is not what we would expect from an individual with this type of military experience," Kenny Cooper, an assistant special agent in charge for the Bureau of Alcohol, Tobacco, Firearms and Explosives, said at a Las Vegas Metropolitan Police press conference, adding that most of the materials in the vehicle were to "help fuel a greater explosion."

Ali Rangwala, a fire protection engineering professor at Worcester Polytechnic Institute, said that the driver may have miscalculated the explosion, and it might not have been released instantaneously.

"Some of the explosives might not have triggered on time systematically," Rangwala said.

"The only way to create an instantaneous energy release, as in the case of a bomb, is for all of the energetic material to ignite in micro- or milli-seconds," Jim Wesevich, a global service line leader of forensics at safety and security firm Jensen Hughes, told BI in written commentary.

A military official told BI that Livelsberger "wasn't a bomb maker." But his military occupational specialty (MOS) within the 10th Special Forces Group was 18Z, making him a special forces operations sergeant, which the Army says, "trains and maintains proficiency in all major duties associated with Special Forces."

Cooper said it was too early to know if there was "sophisticated connectivity" to the components or to "give any determination" as to how the explosion was initiated. Officials said they discovered consumer fireworks, mortars, aerial shells, fuel enhancers, and explosive targets that Cooper said could be purchased at "any sporting goods store."

Experts say a vehicle's design may shape the trajectory of a blast

Elon Musk, in a social media post Wednesday, called the Cybertruck the "worst possible choice for a car bomb, as its stainless steel armor will contain the blast better than any other commercial vehicle."

Kevin McMahill, sheriff of the Las Vegas Metropolitan Police Department, said the Cybertruck's design helped limit the explosion.

"The fact that this was a Cybertruck really limited the damage that occurred inside of the valet because it had most of the blast go up and through the truck and out," McMahill said in a briefing.

Rangwala said the damage may have been partly limited because a Cybertruck's roof, which includes a large glass pane, would clear pressure from inside the vehicle early in the explosion. The pressure from an explosion would be felt on all sides equally if it wasn't relieved by going upward through the roof, he said.

Glumac and Brian Meacham, an engineer and director of risk and regulatory consulting at Crux Consulting LLC who spoke to BI over email, said that they would have expected similar scenarios if the incident took place in a traditional pickup truck.

Michael Villahermosa, a US Army commander with a background in explosive ordnance disposal, said on X that photos of the items used in the blast suggest the explosives were "poorly constructed and poorly thought out."

As he said on X, "People are using the Las Vegas bombing to show the quality of the Cybertruck," when, in his view, "it shows the quality of the explosive device that was used."

Staff writer Ryan Pickrell contributed to this report.

• The Chinese automaker BYD just reported its best quarter yet.
• Even though it doesn't have access to the US market, BYD's affordable EVs are popular in China.
• Here's how a little-known Chinese brand proved it could go toe-to-toe with an industry giant.

BYD may not be a household name in America, but it recently made itself known in a big way.

For a brief moment in December 2023, the Chinese automaker unseated Tesla as the world's top seller of electric cars. A little over a year later, on January 1, BYD reported its best quarter yet.

Even though you won't see a BYD car in America (yet), the company has built an affordable brand that's popular in China and elsewhere.

Earlier this year, it announced a Cybertruck competitor, the BYD Shark, along with a hybrid powertrain that allows its sedans to travel up to 1,250 miles without stopping.

Here's the story of the company that proved it could outsell Elon Musk.

BYD doesn't stand for anything — officially.

Wang Chuanfu and a cousin founded BYD in 1995. Then a 29-year-old government researcher, Wang came from a family of rice farmers. He earned a university scholarship and eventually moved to the Special Economic Zone in Shenzhen to start his new company.

The "YD" in the name came from Yadi, the village in Shenzhen where the company originally was, one South Korean newspaper reported. The "B" was added later as a promotional tool, the report said. Wang has said in interviews that, taken together, the BYD name doesn't stand for anything in particular.

It was only later that Wang derived the slogan "Build Your Dreams." The company has also acquired another nickname: "Bring Your Dollars."

The company was originally a cellphone-battery manufacturer.

The company's original business wasn't cars. It was cellphone batteries. BYD challenged the established Japanese suppliers Toyota and Sony by providing a cheaper alternative. By 2002, companies such as Motorola, Nokia, Sony Ericsson, and Samsung were all using BYD batteries.

They started making cars in 2003.

BYD moved into the car business after buying Xi'an Tsinchuan, a failing state-owned automaker that was then an arm of the defense contractor Norinco, the South China Morning Post reported.

The company launched its first car in 2005. The BYD F3 was a compact sedan that resembled the Toyota Corolla. It sold for as little as 40,000 yuan, or about $5,850.

Warren Buffett was a key early booster.

The billionaire investor Warren Buffett was one of the high-profile names who took an interest in BYD early on. Looking to invest in China's booming car market, Buffett toured BYD's headquarters.

The Wall Street Journal reported that while the Berkshire Hathaway tycoon was there, Wang took a sip of battery fluid to prove how clean his batteries were. Buffett was so impressed by the experience that he offered to buy 25% of the company.

Wang declined that offer, but Buffett was not deterred. Berkshire Hathaway acquired a 10% stake in BYD — for $232 million — in 2008.

Their first electric car drew scorn from Elon Musk.

The company debuted its first fully electric vehicle, the E6, in 2010. Benefiting from Chinese government subsidies, it was able to compete with its Japanese counterparts.

But not everyone was impressed. Tesla CEO Elon Musk laughed in a 2011 interview when asked whether he considered BYD a serious rival to Tesla.

"Have you seen their car?" he said. "I don't think they make a good product. I don't think it's particularly attractive. The technology is not very strong."

BYD's hybrid cars turned it into a titan of Chinese automakers.

BYD established itself as one of the top automakers for hybrid vehicles in China in the 2010s. Its most popular offering was the Qin, introduced in 2012, which became one of the best-selling cars in China.

That wasn't the only offering that propelled BYD to prominence, however. The company also released the Tang, a hybrid SUV, and partnered with Daimler AG (now Mercedes-Benz) to make its Denza line.

BYD took the EV crown from Tesla — briefly.

Even though most of its sales in the fourth quarter of 2023 came from the Chinese market, BYD made headlines across the globe when it seemingly did the impossible — it unseated Tesla as the world's top seller of electric cars.

The Chinese automaker rode the EV wave on the back of its new Seagull, which debuted for 73,000 yuan, or about $10,000, as well as its Song, Qin Plus, Dolphin, Yuan Plus, and Han EVs.

Tesla reclaimed the crown in the first quarter of 2024, though both companies saw steep declines in their sales.

BYD's Shark takes aim at Tesla's Cybertruck

The Shark, unveiled in May, is the latest model offered by BYD.

It's a midsize hybrid pickup truck, and the cabin's design fuses outdoor functionality with modern style and durability.

The truck has more than 430 horsepower, or 170 less than Tesla's all-wheel-drive Cybertruc. BYD says it can accelerate from zero to 100 kilometers an hour, or about 62 miles an hour, in roughly 5.7 seconds. The vehicle has five seats and a maximum towing capacity of 2,500 kilograms, which is just more than 5,500 pounds. That's about half of the Cybertruck's towing capability.

Designed for everyday trips and off-road driving, the Shark has three terrain modes: sand, mud, and snow.

It also has built-in features to make camping and off-roading more accessible. The vehicle offers bidirectional charging, according to BYD's site.

While the Shark isn't in direct competition with the Cybertruck as a hybrid model that doesn't sell in the US, it may entice EV fans looking for a more traditional pickup design. It's also priced competitively at about $53,451, which is lower than Cybertruck's $60,990 starting price tag.

Don't expect to see a BYD car on American roads anytime soon.

For a time, it looked as if we were just a few years away from getting Chinese electric cars in the United States. A BYD executive said as much in 2017, and the company even hired Leonardo DiCaprio as a brand ambassador for English-speaking customers.

Since then, BYD has expanded overseas. The Chinese automaker is planning a factory in Mexico — alarming US officials — and even created its own shipping fleet in a bid to cut down on export costs.

But the company says it has abandoned its plans of selling its EVs to Americans. Analysts have pointed to geopolitical tensions and trade barriers between the two countries, as well as the slumping demand for EVs in the United States.

BYD is launching a new hybrid powertrain system on two midsize sedans — and it can drive 1,250 miles without charging or stopping to fill up for gas.

BYD is upgrading its hybrid powertrain system.

The company announced that the upgraded powertrains will launch in two of sedans, one of which will be the BYD Seal 06, Bloomberg reported. Both models will reportedly be under 100,000 yuan, according to the company.

Hybrids make up the majority of BYD vehicles sold, according to a Reuters report. The new upgrade gives them a competitive edge against rivals like Toyota and Volkswagon, which mostly sell fuel-powered vehicles.

The powertrain system translates to about 81 miles per gallon at full charge, which is over triple the US fuel economy average for 2022 cars. That's also close to 500 more miles of range than a hybrid 2023 Lexus ES, which was the longest-range hybrid in the Kelley Blue Book's list last year.

Additional reporting by Graham Rapier.

BYD hit record sales in the fourth quarter of 2024

BYD sold 1.76 million EVS in 2024, according to figures released Wednesday.

That total was part of a larger haul of 4.27 million cars sold overall, which includes both hybrid and EV models.

In an effort to boost sales in the holiday quarter, Tesla boosted discounts towards the end of the year. However, Tesla sold about 1.79 million cars in 2024, marking its first year-over-year decline.

BYD similarly launched a series of discounts toward the end of the year and has grown in popularity with its hybrid models in the last few months. BYD's 2024 sales include a monthly record of over 500,000 EVs and hybrids sold just in December, the company said.

• Tesla's disappointing sales could be a wake-up call for investors.
• JPMorgan estimated that Trump's proposed cuts to EV subsidies could cost Tesla $3.2 billion.
• Musk's car company benefits from existing emissions regulations.

Tesla is poised for a tough year under the second Trump administration, despite CEO Elon Musk's friendship with the president-elect.

Following disappointing fourth-quarter sales results and a 6% dip in Tesla shares on Thursday, JPMorgan said more trouble could be ahead.

The bank's analysts estimated that, based on Trump's proposals to remove EV tax credits and subsidies that help make Teslas more affordable, about 40% of Tesla's profits would be in danger after Trump takes office.

Musk's car company is already seeing a slowdown in demand — on Thursday it reported a drop in annual vehicle sales for the first time.

"Tesla does not appear to us on track to dominate the global auto industry amidst the electrification transition, which we view as only the starting point for present valuation," the analyst Ryan Brinkman wrote in a note to clients on Friday morning.

Tesla said it sold about 1.79 million cars in 2024, down slightly from a record 1.8 million sales in 2023 and its first year-over-year decrease since becoming a major player. The results rounded out a year when Tesla finally started to feel the pinch of a larger slowdown in the EV market as consumers gravitated toward more affordable and practical hybrids.

The results also slightly reversed a stunning postelection rally for Tesla's stock price, as investors were encouraged by Musk's proximity to the White House and his new extragovernmental commission's work to relax autonomous-vehicle regulations that restrict Tesla's big robotaxi plans.

Brinkman argued that Thursday's sales results should be investors' wake-up call.

"The slowing of deliveries, even ahead of a likely subsidy removal, we think has the potential to refocus investors on the deterioration in deliveries, revenue, gross profit, EBIT, EPS, and FCF estimates across all periods," Brinkman wrote, reiterating a bearish $135 price target for the stock.

Musk has insisted that removing EV subsidies would benefit Tesla, but Brinkman disagreed. He estimated that Tesla has the most to lose from shifting regulations under Trump, costing it about $3.2 billion, as government subsidies account for a reliable minority of Tesla's revenue.

Tesla's regulatory-credits business has for years provided a reliable cash flow. Essentially, Tesla makes money on the EVs its competitors don't sell when these companies purchase Tesla's extra regulatory credits. Additionally, Tesla's most affordable vehicle, the Model 3, benefits from the $7,500 tax credit applied to some new EV purchases under the Inflation Reduction Act.

Tesla shares rebounded slightly on Friday morning, up by about 4%.

• Tesla annual sales declined for the first time in over a decade.
• The US EV giant sold 1.79 million cars in 2024, a 1% drop from the 1.81 million sold in 2023.
• Tesla is still the world's largest EV maker but Chinese rivals like BYD are closing in on it.

Chinese auto companies like BYD are giving Tesla a run for its money this week.

On Thursday, Tesla announced that it had delivered 1.79 million vehicles last year, a 1% drop from the 1.81 million vehicles it delivered in 2023. This is the first time Tesla's annual sales have declined in over a decade.

Tesla shares fell by as much as 8% on the same day, trading as low as $373.40 before paring losses.

Tesla's Chinese rivals, on the other hand, saw a rise in sales at the end of 2024.

BYD said on Wednesday that it had sold 1.76 million battery electric cars in 2024, a 12% increase from the 1.57 million cars it sold in 2023.

Smaller EV makers like Nio and Xpeng saw similar improvements in their sales figures as well.

Nio said in a statement on Wednesday that it had delivered 221,970 vehicles in 2024, a 38.7% increase from the 160,038 cars it delivered in 2023.

Xpeng delivered 190,068 vehicles last year, a 34% increase from the 141,601 vehicles delivered in 2023, per a filing made on Wednesday.

To be sure, Tesla is still the world's largest EV maker. The company played a pioneering role in popularizing EVs when it first burst into the scene with the Roadster in 2008.

But the Elon Musk-led EV giant had to engage in a price war in the past year to fend off its rivals.

Besides slashing prices for its vehicles in China, Tesla also doled out incentives like three months of free Supercharging and its Full Self Driving (Supervised) beta software to entice US customers.

Back in January 2024, Musk told investors in an earnings call that Chinese automakers are the "most competitive car companies in the world."

"If there are no trade barriers established, they will pretty much demolish most other car companies in the world," Musk said.

Tesla, BYD, Nio, and Xpeng did not respond to requests for comment from Business Insider.

Officials believe the driver of the Cybertruck that exploded in Las Vegas was Matthew Alan Livelberger, a US Army soldier who shot himself in the head moments before the blast.