利空突袭！直线大跳水！
券商中国·2026-01-03 01:52

Core Viewpoint - Tesla has lost its title as the "global electric vehicle sales champion" to BYD, marking a significant shift in the electric vehicle market landscape [2][7]. Group 1: Tesla's Sales Performance - Tesla's Q4 2025 delivery volume decreased by 15.6% year-on-year to 418,227 units, falling short of analyst expectations and the company's own targets [5]. - For the entire year of 2025, Tesla's delivery volume was 1.64 million units, representing an 8.6% decline compared to the previous year [5][7]. - This marks the first time in Tesla's history that it has been surpassed by BYD in annual electric vehicle sales [2][7]. Group 2: Market Dynamics and Challenges - The decline in Tesla's Q4 sales is attributed to the expiration of the U.S. federal electric vehicle tax credit in September, which had previously spurred demand [5]. - Tesla's brand image has been impacted by CEO Elon Musk's political involvement and the lack of substantial updates to popular models, which has eroded its competitive edge [5]. - Despite the challenges, Tesla still holds a 45% market share in the U.S. electric vehicle market, benefiting from previous government clean energy policies [5]. Group 3: BYD's Growth and Market Position - BYD's 2025 pure electric vehicle sales reached 2.25 million units, a 28% increase year-on-year, allowing it to surpass Tesla [7]. - BYD's total new vehicle sales for 2025 were 4.6 million units, with significant growth in both pure electric and plug-in hybrid vehicles [7]. - The company is expanding its presence in international markets, including Europe, Latin America, and Southeast Asia, and has plans for local production to enhance competitiveness [7]. Group 4: Future Outlook - Analysts have significantly revised Tesla's 2026 delivery expectations from over 3 million units to approximately 1.8 million units [6]. - The electric vehicle market in the U.S. is expected to face challenges in the near term, with potential recovery anticipated around 2027 as more manufacturers introduce electric vehicles priced below $30,000 [5].