BYD Overtakes Tesla as World's Top EV Seller in 2025
The Spin
Narrative A
BYD's dominance proves vertical integration wins the EV race. Manufacturing 75-80% of components in-house slashes costs and dodges supply chain chaos, letting BYD price the Dolphin at half the Model 3's cost while scaling production faster than competitors. With new plants in Hungary and Brazil pushing toward 1.6 million overseas sales in 2026, this cost-driven global expansion strategy is crushing premium-focused rivals.
Narrative B
BYD's slowest sales growth in five years exposes fatal cracks in its model. Domestic sales collapsed as competitors eroded its tech edge, forcing desperate price cuts in May that tanked the entire sector and prompted warnings about industry health. The chairman himself admitted weakening technological leadership, revealing that rock-bottom pricing can't compensate when innovation stalls and market share bleeds to nimbler rivals.
