Passenger BEV sales shot up 45.8% to 606,953, easily beating Tesla for a third straight quarter. Sales of plug-in hybrids (PHEVs) have fallen off 2024 peaks. Commercial EVs, includes buses, vans, trucks, forklifts and more, are a small but fast-growing segment for BYD.

Investors knew electric vehicle (EV) sales have been slumping for Tesla ( TSLA -8.44%). The EV leader announced a 13.5% year-over-year drop in second-quarter deliveries on July 2. Yet the stock is tanking today after Tesla reported its full second-quarter financial update today.

Nelson downgraded the company’s stock to a neutral rating in April. But even some of the Tesla bulls on Wall Street are saying that the time for Musk to take action is running out.