However, although Tesla reported a major sales decline, its biggest sales since 2012, the EV king showed it is not going down without a fight as it announced it will be accelerating the production of its next stage, affordable, EVs. Upon the news, shares surged almost 10% after-hours, as this was the glimmer of hope that Tesla desperately needed as for the first time ever is being threatened by competitors, like its Chinese rival, BYD Company Limited BYD. BYD did more than deepen the price war with more affordable EVs.