BYD Hits 4.6M Sales, Overtakes Tesla Amid Market Headwinds

• BYD sold 4.6 million vehicles in 2025, meeting its revised full-year sales target and marking a 7.7% increase from 2024.
• The company likely surpassed Tesla Inc. to become the world's largest electric-vehicle maker in 2025.
• BYD faces significant challenges in the Chinese market, including reduced EV incentives, fierce domestic competition from rivals like Geely Automobile Holdings Ltd. and Xiaomi Corp., and trade barriers.
• Despite domestic pressures, BYD saw surging overseas sales, reaching 1.05 million units in 2025, with a 2026 target of 1.5-1.6 million.
• Analysts predict BYD can weather challenges, with projected sales of 5.3 million units next year, while Tesla Inc. faces its own struggles including production retooling and declining US subsidies.

Why It Matters: BYD achieved its 2025 sales goal, becoming the top EV seller globally, but faces a challenging market ahead.