China's BYD is set to overtake Elon Musk's Tesla as the world's biggest seller of electric vehicles (EVs), marking the first time it has outpaced its American rival for annual sales.
On Thursday, BYD announced that sales of its battery-powered cars rose last year by almost 28% to more than 2.25 million.
Tesla, which will reveal its total sales for 2025 later on Friday, published analyst's estimates suggesting it sold around 1.65 million vehicles for the year. The US firm has faced a challenging year, dealing with a mixed reception to new offerings, unease over Musk's political activities, and competition from Chinese automakers.
In October, Tesla introduced lower-priced versions of its best-selling models in an attempt to boost sales, amid criticism of its adaptability in an increasingly competitive market.
Musk, already the world's richest man, is under pressure to enhance Tesla's sales and stock market valuation to secure a record-breaking pay package, approved by shareholders in November. The deal could see him receiving a payout of up to $1 trillion (£740 billion).
Besides Tesla, Musk's interests range from the social media network X to SpaceX and the Boring Company, which has raised concerns among investors regarding his focus on Tesla.
Despite BYD's significant growth, it has also encountered mounting competition in its key market of China from emerging EV brands like XPeng and Nio. Nevertheless, BYD is recognized for its competitive pricing strategies, allowing it to expand rapidly in Latin America, Southeast Asia, and parts of Europe.
In recent reports, it was highlighted that the UK has become BYD's largest market outside China, experiencing an impressive 880% sales increase driven by strong demand for their SUV models.
