BYD Overtakes Tesla to Claim EV Throne with 4.6 Million Units Sold

Tesla's Q4 Sales Fall Short of Market Expectations
BYD Set to Secure Top Spot in Annual Global Sales
BYD Sees Rapid Surge in Overseas Deliveries

BYD is expected to surpass Tesla and claim the top spot in electric vehicle sales for the first time. While Tesla's annual sales last year are projected to fall short of market expectations, BYD has reportedly achieved its annual target of 4.6 million units.

BYD is expected to surpass Tesla and record the number one electric vehicle sales for the first time. Photo by AFP Yonhap News

According to Bloomberg on January 1 (local time), BYD sold 4.6 million new energy vehicles last year, reaching its annual sales goal. This figure, which was revised downward in September, represents a 7.7% increase from the previous year. New energy vehicles include both pure electric vehicles and plug-in hybrids.

The market consensus is that BYD has overtaken Tesla in electric vehicle sales based on last year's figures, making this the first time BYD has led in electric vehicle sales. Previously, Tesla had posted on its website analysts’ average forecasts that its fourth-quarter electric vehicle deliveries would fall short of market expectations. Tesla plans to announce on January 2 (local time) that its fourth-quarter deliveries last year totaled 440,900 units, an 11% decrease compared to the same period the previous year.

AFP Yonhap News

BYD's sales were driven by overseas markets. BYD's overseas deliveries are expected to reach 1.05 million units in 2025. This trend is projected to continue this year. According to a report released by Citigroup in November last year, BYD has raised its overseas sales target to between 1.5 million and 1.6 million units by 2026.

However, the electric vehicle market has recently faced challenges. The Chinese government has scaled back its electric vehicle purchase support policies, and with the launch of numerous new models, competition has intensified. In addition, the U.S. tariff war has become an obstacle to overseas expansion plans.

Nevertheless, experts believe BYD maintains a competitive edge. Analyst forecasts compiled by Bloomberg expect BYD’s total new energy vehicle sales this year to increase to 5.3 million units. The launch of new models and the unveiling of new technology platforms are expected to further strengthen BYD’s competitiveness.

In contrast, despite CEO Elon Musk’s optimistic outlook on autonomous driving, Tesla’s sales are expected to remain sluggish. This is mainly because the company restructured its global production lines for the Model Y, causing a sharp decline in sales from the beginning of this year. Additionally, demand has weakened due to controversies involving Musk during the Trump administration, and the expiration of the U.S. government’s electric vehicle purchase subsidies last September is also considered a negative factor.