Tesla

A three-row version of the Model Y with an extended wheelbase will likely begin production after the upcoming Labor Day holiday in China.

Tesla reported net income of $409 million in the first quarter, down 70.58 percent year-on-year.

Tesla has ramped up promotions for the updated Model Y in China, as competition in the EV industry gets fiercer.

Tesla has stopped taking orders for Model S and Model X in China, likely due in part to a worsening trade war that has hit both imported models.

Tesla moved up to No. 3 in China's NEV market in March, up from No. 7 in February, as its local deliveries improved.

Tesla sold 74,127 vehicles in the Chinese domestic market in March, up 18.80 percent year-on-year and up 176.83 percent from February.

Counterpoint highlighted BYD's tech leadership, vertically integrated production model, and the fact that Tesla is facing multiple challenges.

Tesla's first-quarter global deliveries came in at 336,681 units, missing Wall Street analysts' expectations of 390,343 units and down 12.96 percent from a year earlier.

In the first quarter, Tesla China sold 172,754 vehicles, down 21.79 percent year-on-year and down 28.29 percent from the fourth quarter.

Tesla has expanded its three-year, interest-free financing in China to cover the long-range variant of the Model Y, which also saw its delivery wait time cut in half.