Tesla slips as BYD outsells Tesla in Europe again

Chinese EV maker BYD outsold Tesla in the European Union again in August, according to new data from the European Automobile Manufacturers’ Association (ACEA).

Tesla’s stock is down nearly 3% today amid a broader sell-off of some tech-focused stocks, while BYD’s ADRs are up more than 2%.

BYD sold 9,130 vehicles last month versus Tesla’s 8,220, a feat BYD’s leadership has said it’s pulling off thanks to its wider array of offerings. Others have blamed Tesla’s declining sales in the region on CEO Elon Musk’s forays into European politics causing brand damage.

Tesla’s year-to-date sales have shrunk 43% in the EU compared with the same period last year, while BYD’s year-to-date sales grew 244%.

BYD began outselling Tesla in the region this April, but Tesla still has higher sales for the year, by nearly 20,000 units.

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Nvidia is taking a 2.9% stake in Nokia, as the Finnish mobile networking company has successfully pivoted to AI and data center technology.

In a press release announcing the deal, Nokia said:

“Nokia intends to accelerate development of Nokia’s 5G & 6G RAN software to run on NVIDIA’s architecture and will make investments to drive Nokia’s strategic goal of increasing its presence in the AI & Cloud market with data center aligned networking solutions within its Network Infrastructure business. Nokia and NVIDIA have agreed to collaborate on AI networking solutions and explore opportunities to incorporate Nokia’s data center switching and optical technologies in NVIDIA’s future AI infrastructure architecture.”

Nokia’s stock shot up over 20% on news of the deal.

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Nokia’s stock shot up over 20% on news of the deal.

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OpenAI completes its restructuring, now controlled by a $130 billion nonprofit

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Apple market cap tops $4 trillion

The world’s most valuable companies keep getting more valuable. Today, Apple briefly surpassed a market cap of $4 trillion, joining the likes of Microsoft and Nvidia, though shares had turned slightly negative as of 10:13 a.m. ET. The iPhone maker, which reports quarterly earnings on Thursday, has been riding high off news of positive sales growth for its iPhone 17.

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