/ January 6, 2026 The electric vehicle landscape witnessed a significant shift in 2025, as China’s BYD officially surpassed Tesla in global sales of battery-electric vehicles (BEVs). This changing of the guard comes as the company makes substantial inroads in key international markets, even as investor concerns over domestic Chinese subsidies pressure its share price. A New Leader in Pure Electric Vehicle Volume Full-year 2025 delivery figures confirm BYD’s ascent to the number one position in the BEV segment. The company reported deliveries of approximately 2.26 million fully electric cars, marking a year-on-year increase of about 28%. In contrast, Tesla’s BEV deliveries for the same period totaled roughly 1.64 million units, representing a decline of nearly 9% from its 2024 performance. When including plug-in hybrid electric vehicles (PHEVs), BYD’s total sales volume reaches an impressive 4.6 million vehicles, underscoring the scale of its volume-driven strategy. International Expansion Gains Momentum Should investors sell immediately? Or is it worth buying BYD? Some analysts, however, point to BYD’s strengths. Firms like Goldman Sachs highlight the company’s deep vertical integration—particularly in battery and semiconductor manufacturing—as a critical buffer against intensifying price competition. Structural Advantages in a Challenging Market The global EV industry is entering 2026 facing conflicting trends. In the UK, industry body SMMT notes that substantial discounts—averaging around £11,000 per vehicle—are currently required to sell EVs, pressuring industry-wide margins. In this environment, BYD’s control over its own battery and chip supply chains provides a structural cost advantage. This integrated model may allow the company to better absorb pricing pressure compared to rivals more reliant on external suppliers. This dynamic is particularly relevant as Tesla contends with its own challenges, including the 9% decline in its worldwide 2025 deliveries. While Tesla increasingly pivots its focus toward artificial intelligence and robotics, BYD is currently capitalizing on strong demand for affordable electric mobility, driving volume growth even in mature markets. Outlook: Monitoring Exports and Key Price Levels The upcoming January and February 2026 sales data will be crucial for assessing the impact of China’s subsidy phase-out. A key metric to watch is BYD’s export share. If the company can sustain its high growth rates in regions like Europe and Mexico, it could partially offset any weakness in domestic demand. From a technical analysis perspective, the support zone around $12.00 for the US-traded depositary receipts is now in focus. A successful defense of this level, coupled with Q1 sales figures confirming robust export trends, could provide the stock with a foundation to decouple from broader market skepticism toward Chinese equities. Ad