Name: BYD sends Tesla stock sliding as it becomes world’s top EV seller
Uploaded: 2026-01-07T05:32:36.979Z
Duration: 2 min 8 s
Description: China’s BYD has overtaken Tesla as the world’s top-selling company in the electric vehicle market. That’s even though BYD has stayed away from the North American market after Canada and the U.S. imposed a tariff on all Chinese-made EVs.

China’s BYD has overtaken Tesla as the world’s top-selling company in the electric vehicle market. That’s even though BYD has stayed away from the North American market after Canada and the U.S. imposed a tariff on all Chinese-made EVs.

Shenzhen

Chinese company BYD has become the world's top electric vehicle (EV) seller, overtaking Tesla for the first time. In 2025, BYD sold 2.3 million battery-powered cars globally, while Tesla's sales dropped to 1.6 million, a nine percent decrease from the previous year. Factors contributing to Tesla's decline include the removal of consumer subsidies in North America and reputational issues related to Elon Musk.

BYD's rapid growth is supported by strong sales in Latin America, Australia, and the UK, as well as low production costs and significant government backing. Despite BYD's global success, its vehicles are not available in Canada due to tariffs imposed by Ottawa and Washington, though ongoing trade discussions could potentially change market access in the future.

BYD sends Tesla stock sliding as it becomes world’s top EV seller

Tesla's stock is sliding after losing its spot as the world's best-selling electric car maker to Chinese company BYD for the first time ever. BYD says it sold 2.3 million battery-powered cars globally in 2025. Tesla sold 1.6 million, slipping nine percent from the year before. Part of that has been the removal of consumer subsidies in both the United States and Canada. Part of it has been reputational damage from Elon Musk. BYD's sales are surging in Latin America, Australia and the UK. The company is able to produce some of the cheapest EVs thanks to low labor costs and huge government support. The Chinese market of about 31 million cars a year is bigger than the North American and European markets combined. This gives BYD and other Chinese manufacturers enormous economies of scale. BYD models aren't available for sale in Canada after Ottawa and Washington imposed a 100 percent tariff on all Chinese-made EVs in 2024. Automakers say that's necessary to protect the budding EV industry here and the substantial government investment to support it. I don't think there's a way at this point in time where Canadian production of EVs could be competitive in that regard. But Canada's icier relations with the U.S. could ease trade barriers with China. Beijing has floated lifting its duties on Canadian canola if Canada scrapped its EV tariffs. Ottawa is reviewing the tariffs but it's not clear when a decision might be reached. That would be a good move to allow some of the Chinese manufacturers in because we need to get more mass market adoption of EVs and part of that movement for more mass market adoption is a lower upfront sticker price. That would open the door for more affordable options for consumers and rev up Canada's sluggish electric car market. Misha Patel, CBC News, Toronto.

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