economy
China's BYD sees first profit drop since 2021, even as the Tesla-rival takes global EV crown
BYD has been expanding into global markets including Latin America and Europe, where auto analysts say profit margins are higher than in China.
TL;DR
- BYD's annual sales reached a record $116 billion in 2025, exceeding Tesla's revenue.
- The company's annual profit decreased by 19% to $4.7 billion, the first decline since 2021.
- BYD sold 2.26 million electric vehicles in 2025, up 28% year-on-year, overtaking Tesla.
- A fierce price war in China and reduced government subsidies are impacting profitability.
- BYD is expanding into global markets and launching new technologies like a fast-charging battery to boost sales.
- The company aims to sell approximately 1.3 million vehicles overseas in 2026.