Overview
- BYD reported 2.26 million battery-electric vehicles sold in 2025, topping Tesla for the first time on an annual basis.
- Tesla delivered about 1.64 million EVs in 2025, an 8–9% decline from 2024, with fourth-quarter deliveries of 418,227 missing analyst estimates.
- Including plug-in hybrids, BYD sold roughly 4.6 million vehicles last year and said exports outside China surpassed one million units.
- Analysts attribute Tesla’s softer demand to the U.S. incentive expiry, intensifying Chinese competition and backlash to Elon Musk’s political activity.
- Despite ceding the sales crown, Tesla maintains a far larger market valuation and is prioritizing autonomy and robotaxis ahead of Jan. 28 earnings.