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BYD delivered 4.6 million electric vehicles in 2025, continuing the year-long persistent smacking of Tesla to now be the largest EV maker on the planet in what is a seriously bizarre turn of events.
That number hit the company’s full-year target, though the target had already been revised down earlier, but still, this growth is 7.7% higher than 2024.
Between 2021 and 2023, BYD was pulling off annual growth of 218%, 209%, and 62%, according to data from the company’s earnings projection.
Sadly, the Chinese government is now pulling back on the EV subsidies that helped boost demand, and the flood of new models from rivals is crowding the field.
BYD has to deal with having less room to grow in 2026
At a December investor meeting, BYD CEO Wang Chuanfu admitted that their once-dominant lead has “diminished.” But he also hinted that new tech breakthroughs are on the way, powered by the company’s 120,000-person engineering team.
One area where BYD isn’t losing steam is international sales, as the company shipped 1.05 million units overseas in 2025, a new all-time high.
According to a Citigroup report from November, management now expects global shipments to hit between 1.5 million and 1.6 million units in 2026.
Still, profits are telling another story. BYD has posted two straight quarters of falling earnings, as the Chinese government tries to rein in the overheated EV sector. There’s also been a crackdown on discounting, a tactic BYD and others used to keep volumes up. With those days likely behind them, the company will need new strategies.
That said, analysts are predicting that BYD could move 5.3 million vehicles in 2026, keeping it ahead of Tesla. Deutsche Bank pointed to upcoming launches and a new technology platform that could sharpen its game.
Meanwhile, Tesla is stumbling, as Cryptopolitan previously reported. On top of that, CEO Elon Musk has become more of a liability than an asset. His deep ties to the Trump administration have turned off some buyers, and the end of a key U.S. purchase subsidy hasn’t helped either.
On top of this, South Korea’s L&F Co. said on Monday that its 3.83 trillion won ($2.67 billion) supply contract with Tesla, first announced in February 2023, had been slashed to just 9.73 million won. In a filing, L&F said the reason for the 99% reduction was a change in supply quantity.
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