Linda Lew

China has adjusted its cash-for-clunkers program that could impact lower-priced brands such as BYD Co., potentially reducing the boost to new car sales next year.

BYD Co. met its full-year sales target and likely surpassed Tesla Inc. to become the world’s largest electric vehicle maker in 2025 — a milestone that’s overshadowed by a challenging outlook for the Chinese auto market in the year ahead.

Tesla ended last year on a roll, with investors increasingly buying into Elon Musk’s ebullience about autonomous vehicles. Winning over actual car buyers is another story.

Der chinesische Autobauer BYD hat sein Absatzziel für das Gesamtjahr erreicht und Tesla 2025 wahrscheinlich als weltweit größten Hersteller von Elektrofahrzeugen abgelöst. Der Meilenstein wird jedoch von trüben Aussichten für den chinesischen Automarkt im Jahresverlauf überschattet.

A BYD atingiu sua meta de vendas para o ano todo e provavelmente superou a Tesla para se tornar a maior fabricante de veículos elétricos do mundo em 2025 — marcos ofuscados por uma perspectiva desafiadora para o mercado automotivo chinês no ano à frente.

Xiaomi Corp. is looking to build on a breakout year for its electric vehicle business, raising its delivery target to 550,000 units in 2026 as it seeks to boost its share of China’s fiercely competitive market and make inroads overseas.

Tesla Inc.’s China factory shipments dropped in 2025, despite a last-minute bump in December, as the Elon Musk-led carmaker struggles with a slowdown in global sales that saw it lose its No. 1 spot.

Chinese carmarkers are benefitting from the new interest.

Bloomberg reporters answer questions on what’s next for European car brands like Audi and BMW as they brace for more competition from the likes of China’s BYD and Xiaomi in a Live Q&A on April 24 at 11 a.m. CEST / 5 p.m. HKT.

China has set a goal for 70% of new cars to be electric vehicles or hybrids by 2030 and for autonomous driving to be deployed at scale, in the latest five-year plan for the auto industry.