Bei Jing Shang Bao·2026-01-04 15:44Core Viewpoint - Tesla has lost its title as the world's top electric vehicle seller for the first time, being surpassed by Chinese manufacturer BYD in 2025, with Tesla's global deliveries dropping to 1.636 million units, a year-on-year decline of approximately 8.6% [1][2]. Group 1: Tesla's Performance - In Q4 2025, Tesla produced over 434,000 vehicles and delivered over 418,000, with a significant drop in annual deliveries compared to 2024 [1]. - Tesla's Q4 2025 deliveries decreased by about 16% compared to Q4 2024, and annual deliveries fell from 1.79 million in 2024 to 1.636 million in 2025 [1][2]. - Analysts estimate that Tesla's Q4 2025 delivery volume will be around 426,000 units [1]. Group 2: Market Dynamics - The decline in Tesla's Q4 sales is attributed to the U.S. federal government's early termination of electric vehicle incentives, which prompted a rush in sales during Q3 [2]. - In Europe, Tesla's registrations fell by 39% in the first 11 months of 2025, while BYD's registrations grew by 240% [2]. - The overall electric vehicle market in Europe is growing, accounting for approximately 16% of all new car sales in 2025 [2]. Group 3: BYD's Growth - BYD's pure electric vehicle sales reached nearly 2.26 million units in 2025, marking a nearly 28% increase from 2024 and surpassing Tesla for the first time [3]. - BYD is expanding its presence in overseas markets, including Europe, Latin America, and Southeast Asia, with new production facilities in Brazil and Thailand [3]. Group 4: Tesla's Future Outlook - Despite disappointing sales figures, Tesla is focusing on CEO Elon Musk's vision of "sustainable abundance," which includes future projects like robot taxis and humanoid robots [3]. - Tesla's stock price increased by 40% in Q3 2025 and reached an all-time high in Q4, with a market capitalization exceeding $1.6 trillion [4]. - Analysts suggest that Tesla's current valuation is heavily based on its potential in autonomous driving and AI technologies, which are estimated to account for over 70% of the company's total value [4]. Group 5: Energy Storage Business - Tesla's energy storage business continues to grow rapidly, with 14.2 GWh of battery storage products deployed in Q4 2025, a significant increase of 13.6% from 12.5 GWh in 2024 [5].