Tesla competition

Tesla reported a notable decline in profits and revenue for the second quarter of 2025, facing several significant challenges that contributed to a tough financial performance. The company’s total revenue dropped 12% year-over-year to $22.5 billion, down from $25.5 billion in the same period last year, marking Tesla’s biggest quarterly revenue decline in over a decade.

Chinese tech giant Xiaomi has announced plans to expand its electric vehicle (EV) business globally “within the next few years,” marking a significant step in its ambition to compete with established players like Tesla. The announcement was made by Xiaomi President William Lu during the Mobile World Congress (MWC) in Barcelona, where the company showcased its latest products, including its premium EV, the SU7 Ultra.