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BYD Sees December Slump but Maintains EV Market Lead Amid Brutal 2025 Price War
BYD closed a tumultuous 2025 with a significant sales decline in December, reflecting the intense price competition and weakening domestic demand that defined the year for China's electric vehicle sector. The world's leading EV maker reported 414,784 deliveries for the month, down from 474,921 in November and 474,921 in December of the previous year.
Despite the year-end slowdown, BYD achieved its downwardly revised annual sales target, delivering over 4.54 million passenger vehicles for the year, a 6.94% increase from 2024. This performance solidifies its massive lead over rivals, overshadowing Tesla's estimated 735,274 wholesale deliveries in China from January through November.
The year underscored a clear trend: affordability and aggressive pricing triumphed over premium-focused strategies. Startups posting the strongest growth capitalized on this shift. Leapmotor nearly doubled its sales to 596,555 units, while Xpeng saw a 126% surge to 429,445 deliveries, boosted by its new Mona series. Nio reported a 46.9% increase to 326,028 vehicles.
Xiaomi, the smartphone maker turned automaker, exceeded its own expectations, delivering over 410,000 EVs in its debut year and setting a new monthly record of over 50,000 in December.
In contrast, Li Auto was a notable outlier, suffering a sharp annual decline to 406,343 deliveries after a marketing misstep in September derailed momentum. However, it showed signs of recovery with 44,246 deliveries in December, its first month above 40,000 since May.
The Huawei-backed Harmony Intelligent Mobility Alliance, which includes brands like Aito and Chery, also recorded strong momentum, with annual deliveries up 32% to approximately 589,107 vehicles, setting monthly records for the last three months of the year.
The 2025 sales data paints a picture of a hyper-competitive market where scale, pricing power, and mass-market appeal were critical for survival and growth, setting the stage for another fierce contest in 2026.
