Bei Ke Cai Jing·2026-01-08 01:48Core Viewpoint - Tesla's stock price dropped 4.14% on January 6, resulting in a market value loss of $66.23 billion, attributed to disappointing sales figures for 2025 [1][2]. Group 1: Sales Performance - In 2025, Tesla's global deliveries reached 1.636 million units, a year-on-year decline of 8.6%, marking the first time it lost its title as the global leader in pure electric vehicle sales [3]. - In China, Tesla's sales for the first 11 months of 2025 were 531,900 units, down 7.37% from 574,200 units in the same period last year, while the domestic electric vehicle market continued to grow [5]. - Tesla's sales in China showed a pattern of "overall weakness with a short-term year-end rebound," indicating a struggle against increasing competition from local brands [4]. Group 2: Competitive Landscape - BYD's pure electric vehicle sales reached 2.2567 million units in 2025, a year-on-year increase of 27.86%, highlighting the competitive pressure on Tesla [5]. - Tesla's Shanghai Gigafactory contributed 52% of its global deliveries in 2025, but the demand in China was significantly affected by local brands [5]. - Local brands like Xiaomi and BYD are rapidly gaining market share through frequent product updates and better alignment with consumer preferences, contrasting with Tesla's slower product iteration [8]. Group 3: Product and Market Adaptation - Tesla's slower product updates and lack of localized adaptations are seen as core issues contributing to its declining sales [8]. - The absence of Tesla's Full Self-Driving (FSD) system in China, limited by regulatory constraints, further hampers its competitive edge [9]. - Analysts suggest that Tesla needs to accelerate localization efforts to transition from "Tesla China" to "China Tesla," emphasizing the importance of aligning with local market demands and consumer values [9].