All electric vehicles are not the same, nor are their makers. Investors lose nuance by dumping these new-age businesses into one basket, regardless. The favourite rivalry these days is Tesla versus BYD. Looking for similarities between the two has been pronounced after the latter’s vehicle sales surpassed the former’s in 2022 in China. The world’s largest electric-car makers going head-to-head in the world’s No. 2 economy, competing for the top spot—what’s not to compare? Plenty, actually. Start with the basics. In December, BYD sold 235,197 vehicles in China. Of those, 122,659 were plug-in hybrids and the rest were battery electrics,...