BYD Posts Record 2025 Revenue, 19% Profit Decline

Chinese electric vehicle maker BYD reported record annual revenue of 804 billion yuan ($116 billion) for 2025 on Friday, surpassing rival Tesla's figures, but its net profit fell 19 percent to 32.6 billion yuan ($4.7 billion) amid intense domestic competition. The Shenzhen-based company, which solidified its position as the world's largest EV seller last year, delivered 2.26 million battery electric vehicles in 2025, a 28 percent increase from 2024, compared to Tesla's 1.64 million deliveries, which declined 9 percent.

The profit drop marked BYD's first annual decline since 2021, driven primarily by a fierce price war in China, the world's biggest auto market. Domestic sales have weakened significantly, with the company recording six consecutive months of declines leading into early 2026. In January and February, total sales fell 36 percent year-over-year to 400,241 units, as sluggish demand at home was not fully offset by rising overseas shipments. Rivals including Geely Auto have gained ground, pressuring BYD's market share in the budget segment, where vehicles priced under 150,000 yuan ($21,700) accounted for more than 60 percent of its domestic sales.