Motoring-related money matters have gone from mad to madder to maniacal in January: some of the numbers that follow will make your eyes water.
First, the revelation that Tesla lost $94,000 million (£74billion) in market valuation during the first couple of weeks of the month. Or, as Bloomberg brutally but succinctly stated, the manufacturer suffers “a $94billion reality check as electric car winter sets in”.
For this, disruptor-in-chief BYD must accept much of the blame. After a near-blanket shutdown in car industry announcements over the Christmas/New Year break, BYD worked overtime and ensured that by 2 January it was known that the Chinese firm will build its first European car plant in Hungary. A day later it confirmed that it had overtaken Tesla as the world’s No.1 electric car manufacturer. No big deal!
Read Article