BYD Hits Sales Goal, may Topple Tesla as Biggest EV Maker

BYD Co. met its full-year sales target and likely surpassed Tesla Inc. to become the world’s largest electric-vehicle maker in 2025 — milestones overshadowed by a challenging outlook for China’s auto market in the year ahead, Linda Lew, Danny Lee, and Bei Hu reported for Bloomberg News.

BYD and its rivals face growing pressure in the coming year as China scales back incentives supporting EV purchases. (Photo: BYD Facebook)

The Chinese EV giant’s Hong Kong-listed shares rose on the first trading day of the new year, gaining as much as 2.3%.

BYD delivered a total of 4.6 million vehicles last year, up 7.7% from 2024, in line with a lowered full-year goal announced in September. The Shenzhen-based carmaker sold nearly as many fully electric vehicles — 2.26 million — as plug-in hybrids.

Tesla is expected to report that it delivered about 440,900 vehicles in the fourth quarter, down 11% from a year earlier, according to data compiled by Bloomberg.

That would put the company’s full-year sales at roughly 1.66 million vehicles, marking its second consecutive annual decline.

BYD and its rivals face growing pressure in the coming year as China scales back incentives supporting EV purchases.

An influx of new models is intensifying domestic competition, while trade barriers pose challenges to BYD’s overseas expansion ambitions.

China’s best-selling carmaker has also faced stiffer competition from Geely Automobile Holdings Ltd. and Xiaomi Corp., whose new models and rapid innovations are attracting consumers.