The electric vehicle (EV) market is heating up, and two companies are leading the charge: Tesla (NASDAQ: TSLA) and BYD (HKSE: 1211). With the global shift toward cleaner energy and cutting-edge technology, these giants are fighting for supremacy in an increasingly competitive sector. But who will come out on top?

Global EV Market Momentum 

The EV market saw a major surge in 2023, with global sales reaching  14 million units, a 35% jump from 2022. As governments push for electrification and consumers embrace cleaner options, forecasts suggest 2024 will see 20% of global car sales come from EVs—equating to 17 million vehicles. By 2025, the market is expected to generate US$828.5 billion in revenue, driven by rising consumer interest, government incentives, and rapidly improving charging infrastructure worldwide.

Market Leadership Dynamics 

Tesla remains a leader in technological innovation, from its autonomous driving features (Autopilot) to its high-performance batteries, and integrated energy solutions like Powerwall and Solar Roof. While its US market share declined from 65% in 2022 to 55% in 2023...