自动驾驶之心·2026-01-03 09:24Core Viewpoint - Tesla's global vehicle deliveries for 2025 are projected to be 1.636 million, marking an approximate 8.6% year-on-year decline, and for the first time, Tesla's annual electric vehicle sales have been surpassed by China's BYD [2][4]. Group 1: Tesla's Performance - Tesla's Q4 2025 deliveries reached 418,000 vehicles, a 15.6% year-on-year decrease, falling short of analyst expectations of around 434,000 vehicles [4]. - The total annual delivery of 1.636 million vehicles for 2025 is significantly lower than the 1.79 million in 2024 and below market expectations of approximately 1.65 million [4]. Group 2: BYD's Performance - BYD reported that its total new car sales for 2025 will exceed 4.6 million, reflecting an approximate 8% year-on-year growth, with pure electric vehicle sales surpassing 2.25 million, a year-on-year increase of about 28% [6]. - BYD has achieved the top position in global pure electric vehicle sales for the first time [6]. Group 3: New Entrants in the Market - Leap Motor delivered 596,555 vehicles in 2025, achieving a remarkable year-on-year growth of 103.1% and exceeding its annual target of 500,000 vehicles with a completion rate of 119.31% [11]. - Xiaomi Auto delivered 350,000 vehicles, achieving a completion rate of 108.57%, making it the fastest-growing brand among new entrants [13]. - Xpeng Motors delivered 429,445 vehicles, marking a year-on-year growth of 125.94% and a completion rate of 122.7%, despite December deliveries falling short of Q4 guidance [15]. - Li Auto's annual delivery was 406,343 vehicles, reflecting an 18.81% year-on-year decline, completing only 58.05% of its 700,000 vehicle target [17]. - NIO delivered 326,028 vehicles, achieving a year-on-year growth of 46.88% and completing 73.42% of its 440,000 vehicle target [20].