Overview
- BYD sold about 2.25–2.26 million battery‑electric vehicles in 2025 versus Tesla’s 1.64 million, ending Tesla’s multi‑year run at No. 1.
- BYD’s overseas push accelerated with roughly 1,049,601 passenger vehicles exported in 2025, up about 145% year over year, and total deliveries reached about 4.6 million when plug‑in hybrids are included.
- Tesla delivered 418,227 vehicles in Q4 2025, missing some analyst estimates, while producing roughly 434,000 units, leaving an inventory overhang of about 16,000 vehicles.
- Analysts widely cite the expiration of the U.S. $7,500 EV tax credit and tougher competition in China and Europe as key pressures; HSBC maintained a Sell rating on Tesla with a $131 price target after the results.
- Tesla’s China wholesale shipments hit 97,171 in December—its second‑best month—yet full‑year Shanghai shipments fell about 7% to 851,732, underscoring persistent regional headwinds.