中国基金报·2026-01-02 14:50Core Viewpoint - Tesla's dominance in the electric vehicle market has been overtaken by BYD, with Tesla's fourth-quarter deliveries declining by 16% year-on-year, totaling 418,227 vehicles, which fell short of analyst expectations and the company's own targets [1][2]. Group 1: Sales Performance - Tesla's total electric vehicle deliveries for the year reached 1.64 million, while BYD's deliveries were nearly 2.26 million, marking a significant lead for BYD [2]. - In the fourth quarter, BYD's pure electric vehicle deliveries surpassed Tesla's, indicating a shift in market leadership [5]. - Tesla's sales in Europe saw a 39% decline in new car registrations for the first 11 months of 2025, contrasting with BYD's 240% increase in the same region [5]. Group 2: Market Trends - Analysts express growing skepticism about Tesla's sales outlook for 2026, with previous estimates of over 3 million deliveries now adjusted down to approximately 1.8 million [5]. - The introduction of a cheaper version of the Model Y in October may help Tesla regain some market share in the coming quarters, particularly in emerging markets like Thailand, Vietnam, and Brazil, where electric vehicle penetration is rapidly increasing [6]. Group 3: Competitive Landscape - BYD has maintained a competitive edge by selling over 2 million plug-in hybrid vehicles in the past two years, further widening the gap with Tesla [5]. - The overall acceptance of pure electric vehicles in Europe has increased, with these vehicles accounting for about 16% of all new car sales in the region [5].