/ January 5, 2026 BYD closed 2025 by eclipsing Tesla in battery-electric vehicle sales for the first time, a milestone that underlines the Chinese manufacturer’s lead in pure EVs. At the same time, softer data from the company’s domestic market and a challenging industry backdrop pulled the stock lower in Hong Kong. The divergence between Asia-listed and U.S.-listed shares highlights how differently investors are weighing the situation. 2025: 2.26 million BEVs, roughly +28% year-over-year Tesla: 1.64 million vehicles, around −9% – first decline in years in the modern EV era Overall (including plug-in hybrids): 4.6 million vehicles, +7.7%, but the weakest growth rate in five years December: about −18% sales versus the prior year International business: >1 million vehicles, +145% BYD Surpasses Tesla The confirmed annual figures make the leadership change at the top of the electric-vehicle market unambiguous: BYD moved about 2.26 million pure EVs in 2025, up nearly 28% from 2024. Tesla delivered around 1.64 million vehicles, down about 9% – the first annual dip in the U.S. automaker’s modern EV era. When plug-in hybrids are included, BYD’s total reaches 4.6 million vehicles, up 7.7% versus 2024. This level of growth is well below the double- or triple-digit gains seen in earlier years and marks the slowest pace in five years, signaling a maturing market in China. Focus on Global Expansion Against this backdrop, BYD’s CEO Wang Chuanfu used a New Year’s address on January 5 to stress the company’s ambitions to accelerate international growth and to craft a “world-class Chinese brand.” The data support this direction: overseas sales jumped 145% in 2025 and surpassed the 1 million-vehicle mark for the first time. The international business is increasingly becoming the main growth engine, while momentum at home has cooled. In specific regions, BYD is adjusting its approach. In India, a price increase for the Sealion 7 Premium was announced to take effect from January 2026, signaling a shift toward healthier margins in select markets rather than pursuing volume alone. Weak December and Competitive Pressure The enthusiasm surrounding a record year was tempered by December results, which showed a roughly 18% year-over-year sales drop. It was the fourth consecutive month with weakening or negative momentum across parts of BYD’s portfolio.