Tesla generated more battery electric vehicle revenue than BYD in China over the past three months, according to new data that highlights the US automaker’s pricing power even as it fell to fifth place in the country’s new energy vehicle sales rankings.
The Elon Musk-led company delivered approximately $7.5 billion in BEV sales in China during the final quarter of 2025, compared with $7.1 billion for BYD, according to analysis published Monday by market researcher ‘Alojoh’ on X.
“Our latest China EV data shows that Tesla generated more EV revenue than BYD in China over the last three months,” Alojoh wrote. “Using a full bottom-up model by vehicle and ASP, Tesla delivered roughly $7.5B in EV sales versus $7.1B for BYD.”
Global Sales Reversal
The revenue lead comes despite BYD surpassing Tesla in global BEV sales for the first time in 2025.
BYD‘s full-year BEV deliveries climbed to 2,256,714 units, representing 27.9% growth from 2024.
Tesla, meanwhile, delivered 1,636,129 vehicles globally — an 8.56% decline and the company’s second consecutive year of falling deliveries.
The results mean BYD sold approximately 38% more battery electric vehicles than Tesla worldwide in 2025.
Yet in China — the world’s largest EV market — Tesla continues to extract more revenue per vehicle.
Price Premium
The revenue gap reflects Tesla‘s significant price premium in the Chinese market.
Tesla‘s Model Y and Model 3 command higher average selling prices than the bulk of BYD’s battery electric lineup.
The Model Y starts at 263,500 yuan ($37,800), while the Model 3 begins at 231,900 yuan ($33,300).
BYD‘s BEV portfolio spans a much wider price range, anchored by budget models like the Seagull, which starts under 70,000 yuan ($10,000).
While BYD also sells premium battery electric vehicles through its Denza and Yangwang and FanChengBao sub-brands, the mass-market models that drive its volume carry significantly lower average selling prices.
Revenue Analysis
The analysis covers the top 30 battery electric vehicle sellers in China on a group basis, with revenue derived from per-model volume and average selling prices implied by available vehicle configurations and trim levels.
The data focuses solely on pure battery electric vehicles, excluding plug-in hybrids and extended-range vehicles.
BYD also sold 2,288,709 plug-in hybrid vehicles in 2025, though that segment declined 7.91% year over year.
Q4 Momentum
BYD‘s BEV momentum accelerated in the fourth quarter, with passenger BEV deliveries reaching a record 650,811 units — up 9.30% year over year and 11.72% quarter over quarter.
The strong finish helped BYD close the gap with Tesla in China BEV revenue, with the chart showing the two companies’ lines crossing briefly in early 2025 before Tesla regained the lead in recent months.
Tesla‘s China BEV revenue peaked at approximately $9 billion in the trailing three months ending in late 2024, before declining to the current $7.5 billion level.
December Surge
The main driver of Tesla‘s fourth-quarter revenue lead was the Model Y, which became the best-selling vehicle across all powertrain types in China in December — despite carrying a higher price than its closest rivals in the world’s largest EV market.
According to data published by China’s Passenger Car Association on Friday, the SUV accounted for 66,189 units sold in the final month of the year. Tesla’s Model 3 sedan ranked 10th with 30,982 units.
All 2025 versions of the Model Y had already sold out by early December, including the recently launched six-seat Model Y L.
Full Rankings
The trailing three-month BEV revenue rankings for China show that Tesla led with $7.526 billion, followed by BYD at $7.085 billion.
Xiaomi ranked third at $5.428 billion. The company began vehicle deliveries in April 2024 with its debut model, the SU7 sedan.
Geely Automobile Holdings placed fourth at $4.658 billion, narrowly ahead of Nio at $4.504 billion.
The Shanghai-based EV maker’s strong close of 2025 is largely driven by its redesigned ES8 flagship SUV, which commands prices above 400,000 yuan and is the Group’s best selling model.
SAIC-GM ranked sixth at $2.309 billion, followed by Li Auto at $2.004 billion.
Li Auto’s relatively low ranking reflects the methodology’s exclusion of extended-range vehicles, which constitute the vast majority of the Beijing-based company’s sales.
XPeng placed eighth at $1.267 billion, followed by GAC at $1.261 billion and the Stellantis-backed Leapmotor at $1.114 billion.
Rounding out the top 13 were SAIC at $1.109 billion, FAW at $982 million, and Chery at $751 million.
