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Elon Musk admits BYD cars ‘are highly competitive these days’ after 2011 clip shows him laughing at the rival now trouncing Tesla in China

News Snapshot:

Elon Musk paid respects to a Tesla rival yesterday. But it was in response to a 2011 video of him laughing at its vehicle quality. More from Fortune: 5 side hustles where you may earn over $20,000 per year—all while working from home Looking to make extra cash? This CD has a 5.15% APY right now Buying a house? Here's how much to save This is how much money you need to earn annually to comfortably buy a $600,000 home The Tesla CEO responded Friday to a Bloomberg interview in which he derided China’s BYD. As the interviewer mentions the…

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