> There were more Telsas than BYD in Hong Kong!

This is historical artefact: HK with its short distances is very suitable to EVs, and the government initially supported EVs with tax breaks. In other words, people bought a lot of Teslas when it was the only game in town.

For new registrations, BYD overtook Tesla back in 2025 with a yoy growth of 67.8% vs Tesla -3.8%, and in the latest available month (June) had more than 4x as many registrations as Tesla.

It's not exactly market-dominating growth justifying a 300+ P/E ratio.

https://www.thestandard.com.hk/news/article/319010/EVs-make-...

https://kr-asia.com/pulses/155906

https://hkcarrank.com/jan-2026-private-car-registration-data...

https://www.td.gov.hk/en/transport_in_hong_kong/transport_fi... -> check table 4.1(e)