Overview
- BYD sold 2.26 million electric vehicles in 2025, up from 1.76 million in 2024, taking the global volume lead for the first time.
- Tesla delivered about 1.636 million vehicles for 2025, including 418,227 in the fourth quarter, below the roughly 449,000 FactSet consensus and down from more than 495,000 a year earlier.
- Markets showed relief at the update, with Tesla shares rising at the open as investors noted deliveries exceeded rumored sub‑410,000 levels, according to Wedbush.
- Deutsche Bank projected sharp year‑over‑year declines for Tesla across key regions in 2025: down 33% in North America, 34% in Europe, and 10% in China.
- Fitch highlighted BYD’s push to establish overseas production and supply capacity as a buffer against rising trade frictions, while Tesla posted a notable bright spot in Norway and saw a U.S. third‑quarter pull‑forward tied to an expiring tax credit.