Competition is surging in China's EV market, and it's hurting Tesla's biggest rival

In China's red-hot EV market, it's tough at the top. Tesla rival BYD announced on Sunday that its global sales in October were down 12% from the same period a year earlier, marking the second consecutive monthly decline.It's the latest sign that the Chinese EV juggernaut is facing a bumpy ride after years of explosive growth, as it faces increasingly fierce competition from domestic rivals. In earnings last week, BYD said that profits had fallen by around a third year-over-year, and the company's stock pr ...