大跳水！特斯拉，痛失“销冠”

Core Viewpoint - Tesla has lost its title as the "global electric vehicle sales champion" for the first time, being surpassed by Chinese automaker BYD in 2025 [2][10]. Group 1: Sales Performance - In 2025, Tesla delivered 1.636 million vehicles globally, a decrease of approximately 8.6% year-over-year, while BYD's pure electric vehicle sales reached 2.2567 million, marking a nearly 28% increase [2][10]. - Tesla's fourth-quarter deliveries in 2025 were over 418,000, down about 16% compared to the same quarter in 2024, with production also declining by 5.5% year-over-year [9]. - The decline in Tesla's sales is attributed to the U.S. federal government's early termination of electric vehicle incentives on September 30, which prompted manufacturers to accelerate sales in the third quarter [9]. Group 2: Market Dynamics - Tesla's sales in Europe fell by 39% in the first 11 months of 2025, while BYD's registrations in Europe surged by 240% [11]. - The overall electric vehicle market in Europe grew, accounting for approximately 16% of all new car sales in 2025 [11]. - Tesla faces increasing competition not only from BYD but also from other Chinese manufacturers like Xiaomi and Geely [12]. Group 3: Financial Performance and Future Outlook - Despite the decline in vehicle sales, Tesla's stock price has shown resilience, increasing by 40% in Q3 2025 and reaching an all-time high in December, with a market capitalization exceeding $1.6 trillion [5][13][16]. - Tesla's energy storage business continues to grow rapidly, with 14.2 GWh of storage products deployed in Q4 2025, a significant increase from 12.5 GWh in 2024 [17]. - Analysts suggest that Tesla's future valuation is increasingly tied to its advancements in autonomous driving and robotics, rather than just vehicle delivery numbers [15][17].