Chinese electric-vehicle maker BYD met its revised full-year sales target in 2025 and likely overtook Tesla to become the world’s largest EV manufacturer, according to Bloomberg News.
BYD delivered 4.6 million vehicles last year, up 7.7% from the prior year. The company sold 2.26 million fully electric vehicles, roughly matching its plug-in hybrid volume, while Tesla is expected to report about 1.66 million vehicle deliveries for the year, its second consecutive annual decline.
Despite the milestone, BYD faces mounting challenges. China is scaling back EV incentives, domestic competition is intensifying and regulators are scrutinizing aggressive discounting. Rivals including Geely Automobile Holdings and Xiaomi are gaining ground with new models and rapid innovation, while BYD’s domestic passenger EV and hybrid sales fell for an eighth straight month in December.
Overseas markets have become a key bright spot. BYD sold about 1.05 million vehicles outside China in 2025, helping offset weakness at home. Analysts expect continued growth, forecasting total sales of about 5.3 million vehicles next year, supported by new products and technology platforms.