Tesla lost its throne as the world’s largest electric vehicle maker after reporting a brutal fourth quarter in which sales fell 16 percent to 418,000 vehicles. China’s BYD took first place with 2.26 million electric vehicles sold worldwide by 2025, an increase of 28 percent compared to last year.
The collapse came after September’s elimination of the $7,500 federal EV tax credit led to a third-quarter buying frenzy that cannibalized year-end sales. Tesla’s outdated product lineup didn’t help either. The Model Y hasn’t had any major updates since its 2020 launch, and the Cybertruck delivered a paltry 11,642 units in the fourth quarter after once promising annual sales of more than 200,000.
But Wall Street remains unfazed, holding Tesla shares at record highs as investors bet on the robotaxi and Elon Musk’s humanoid robot vision instead of actual car sales. The company has quietly abandoned its ambitious target of 20 million vehicles by 2030.
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Tesla lost its throne as the world’s largest electric vehicle maker after reporting a brutal fourth quarter in which sales fell 16 percent to 418,000 vehicles. China’s BYD took first place with 2.26 million electric vehicles sold worldwide by 2025, an increase of 28 percent compared to last year.
The collapse came after September’s elimination of the $7,500 federal EV tax credit led to a third-quarter buying frenzy that cannibalized year-end sales. Tesla’s outdated product lineup didn’t help either. The Model Y hasn’t had any major updates since its 2020 launch, and the Cybertruck delivered a paltry 11,642 units in the fourth quarter after once promising annual sales of more than 200,000.
But Wall Street remains unfazed, holding Tesla shares at record highs as investors bet on the robotaxi and Elon Musk’s humanoid robot vision instead of actual car sales. The company has quietly abandoned its ambitious target of 20 million vehicles by 2030.
Read more
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