特斯拉十年销冠易主！电动车市场进入“理性消费时代”

Core Insights - Tesla's vehicle deliveries in 2025 reached 1.636 million, a decline of 8.6% year-on-year, marking the second consecutive year of sales decline [1] - BYD surpassed Tesla with over 2.25 million electric vehicle sales in 2025, achieving a growth of nearly 28% [1] - The shift in the electric vehicle market indicates a transition from an "exploration phase" to a "survival of the fittest" phase [5] Group 1: Tesla's Performance - Tesla's fourth-quarter deliveries were 418,000, a significant drop of 15.6% year-on-year, failing to meet analyst expectations [4] - Analysts previously predicted Tesla would sell 3 million vehicles by 2026, but current Wall Street expectations have been cut to 1.8 million [4] - Tesla's market share in China has fallen below 40% as competition intensifies [23] Group 2: BYD's Competitive Edge - BYD's cost advantages stem from its vertical integration, controlling 70% of core components, allowing it to offer vehicles 15%-20% cheaper than Tesla [13] - BYD's localized strategies have led to sales surpassing Tesla in 11 countries, with significant market penetration in Europe [15] - BYD's diverse product lineup caters to various market segments, with 28% of its sales coming from vehicles under 100,000 yuan and 35% from those priced between 200,000-300,000 yuan [17] Group 3: Market Dynamics - The electric vehicle market has evolved from a scenario where Tesla was the only choice to a competitive landscape with multiple viable options [10] - Consumers are now prioritizing features such as space, comfort, and local adaptability over brand loyalty to Tesla [27] - Tesla's challenges include a decline in registrations in Europe by 39% while BYD's grew by 240% in the same period [21] Group 4: Future Outlook - Tesla must redefine its market strategy, deciding whether to maintain its high-end positioning or engage more aggressively in the mass market [29] - The loss of the sales crown signifies a maturation of the electric vehicle market, with increased choices for consumers [31] - Tesla retains technological advantages but must adapt to a more competitive environment where it is no longer the sole innovator [20]