Tesla as a car company is dead. Tesla as god knows what may live as it's to big to fail.
If you compare balance sheets (this is what provides staying power for the business) Tesla is in a much better position than BYD. Tesla has double the liquidity and a fraction of the liabilities, and significantly stronger cash reserve. BYD has 4x the debt of Tesla. And Tesla's is far stronger in terms of equity base. And double the short-term liquidity ("Current Ratio"). BYD's demand for working capital is far more demanding.
It is really easy to get caught up in the noise of the horse race and sometimes people (like Lambert) and fail to take account of the more important aspects of the business.
Rank
Manufacturer
Q4 2025 BEV Deliveries
Notes
|
1
|
BYD
|
650,811
|
Record quarter; pure BEV passenger cars only (excludes PHEVs). Strong growth in affordable models like Seagull/Yuan.
|
2
|
Tesla
|
418,227
|
All vehicles are BEVs; down 16% YoY amid competition and policy shifts.
|
3
|
NIO
|
124,807
|
Record quarter; includes premium NIO brand + ONVO/FIREFLY sub-brands (all BEV).
|
4
|
XPeng
|
116,249
|
Strong growth but below guidance; pure BEV lineup.
|
5
|
Zeekr (Geely)
|
~70,000–80,000 (est.)
|
Brand delivered 224,000 annually; Q4 strong with models like 9X (10,000+ in Dec alone). Pure BEV focus.
|
6
|
Volkswagen Group
|
~80,000–100,000 (est.)
|
ID series and Audi/Porsche BEVs; Europe-led growth, but below Chinese pure-play volumes.
|
7
|
Hyundai/Kia
|
~70,000–90,000 (est.)
|
Ioniq/EV series; strong in US/Europe but mixed global Q4.
|
8
|
SAIC-GM-Wuling
|
~60,000–80,000 (est.)
|
Mini EVs like Wuling Mini; high China volumes but mostly low-cost BEVs.
|
9
|
Li Auto
|
Limited pure BEV
|
Primarily EREVs/PHEVs; minimal pure BEV in Q4 rankings.
|
10
|
BMW Group
|
~40,000–60,000 (est.)
|
i-series; premium segment, solid but not volume leader.
|
|
