Chinese electric carmaker BYD Co. Ltd. (1211.HK; 002594.SZ), whose name stands for “Build Your Dreams,” may have just achieved one such vision: overtaking Elon Musk’s Tesla (TSLA.US) as the world’s biggest seller of electric vehicles (EVs). But that vision may be coming at a cost, quite literally, as BYD’s dream puts its profitability on a dangerously downward trajectory that sometimes comes with such aggressive expansion.
中国电动车制造商比亚迪股份有限公司（1211.HK；002594.SZ），其英文名称寓意“筑梦踏实”，或许刚刚实现了其中一个宏大愿景，那就是在电动车（EV）销量超越马斯克的特斯拉（TSLA.US），成为全球最大电动车销售商。然而，实现这个梦想所付出的代价，就是在激进扩张之下，比亚迪的获利能力正落入一条充满风险的下行轨道。
The Shenzhen-based company basked in the global spotlight earlier this month when it revealed that it sold 2.26 million EVs globally in 2025, driven by 145% year-on-year growth abroad. By comparison, Tesla’s battery-powered car deliveries fell 8.6% to 1.6 million last year, the largest annual drop in its history.
总部位于深圳的企业本月初站上全球聚光灯下，公布2025年全球售出226万辆电动车，海外市场销量按年暴增145%，成为主要推动力。相比下，特斯拉去年纯电动车交付量下跌8.6%，降至160万辆，创下历来最大年度跌幅。
That resounding trading of places looks like a sweeping victory for BYD. Within China, where domestic brands already reign, Tesla’s sales fell for the first time by more than 5% to around 620,000 vehicles — the first decline since its Shanghai gigafactory opened in 2020. BYD also outpaced Tesla in sales both in Britain and Germany, a sign that Chinese brands are starting to make headway into more affluent markets.
这场角色互换，看似为比亚迪带来一场全面胜利。在中国市场，本土电动车品牌早已占据主导地位，特斯拉销量首次下滑超过5%，降至约62万辆，亦是其上海超级工厂于2020年投产以来首次出现销量下跌。而比亚迪在英国与德国的销量同样超越特斯拉，显示中国品牌正开始打入更富裕的成熟市场。