Core Insights - Tesla's global vehicle deliveries in 2025 are projected to be 1.636 million, a year-on-year decline of approximately 8.6%, marking the first time that Tesla's annual sales of electric vehicles have been surpassed by Chinese automaker BYD [1] - In 2025, Tesla produced 1.655 million electric vehicles and delivered 1.636 million, both figures lower than the 1.773 million and 1.789 million in 2024 [1] - The U.S. government’s cancellation of tax incentives for electric vehicle purchases in September 2025 directly impacted Tesla's sales [1] - In Q4 2025, Tesla produced about 434,000 vehicles and delivered approximately 418,000, down from 459,000 and 496,000 in the same quarter of 2024, with a year-on-year delivery decline of about 16% [1] - BYD reported a global electric vehicle sales figure of 2.26 million in 2025, representing a year-on-year growth of 28%, with increasing sales from markets outside of China, including Asia, Europe, and Latin America [1] - Tesla remains the largest electric vehicle manufacturer in the U.S., holding about half of the U.S. electric vehicle market share, but its declining sales indicate a slowdown in the overall U.S. electric vehicle market [1] - According to Cox Automotive, total electric vehicle sales across all brands in the U.S. fell by over 40% year-on-year in November 2025 [1] Industry Outlook - Industry analysts expect that overall electric vehicle sales in the U.S. will continue to remain sluggish in 2026 [2]

Group 1 - BASF is investing approximately 500 million RMB to expand its production capacity in China [1] - The expansion will involve the construction of a second facility in Shanghai, aimed at increasing the scale of operations [1] - The new facility is expected to be equipped with modern mold production lines and is scheduled to be completed and operational by 2027 [1] Group 2 - The expansion is strategically aimed at capitalizing on the rapid growth of the electric vehicle market in China [1] - The total production capacity is projected to increase by nearly 70% following the expansion [1]