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Elon Musk once laughed off Chinese electric vehicle maker BYD (Build Your Dreams), scoffing in 2011, “Have you seen their car?” That mockery turned into a rude shock on Friday, as BYD dethroned Tesla to become the world’s largest seller of electric vehicles (EVs) on a calendar-year basis.

In a statement released Thursday, BYD reported that sales of its battery-powered vehicles rose nearly 28% to 2.26 million units in 2025. Tesla, on the other hand, delivered 1.64 million vehicles during the same period, marking around 8% drop from 2024 and its second consecutive annual decline. Fourth-quarter deliveries for Tesla fell about 16% compared with the same quarter in 2024, when the company reported 495,570 vehicles.

Musk had openly dismissed BYD in an October 2011 interview with Bloomberg TV, stating, “I don’t think they have a great product,” and adding that he did not consider BYD a competitor. Since then, BYD has experienced a spectacular rise, resulting in Friday’s historic shift in the global EV market.

Tesla endured a turbulent 2025, with shares collapsing in the first quarter amid stiff competition, particularly from Chinese EV makers, and reputational challenges tied to Musk’s political statements, according to ABC News.

Analysts had expected Tesla’s fourth-quarter deliveries to slow less, predicting around 449,000 vehicles, but the elimination of the $7,500 US EV tax credit at the end of September 2025 contributed to the slowdown. In addition to economic factors, Tesla faced political headwinds, with sales struggling in key markets due to Musk’s public support for President Donald Trump and other far-right figures.

Known in Chinese as “Biyadi” — which translates to “Build Your Dreams” in English — the company was originally founded in 1995 as a battery manufacturer. It has since grown into a leading player in China’s highly competitive new energy vehicle market, producing both fully electric and plug-in hybrid vehicles. With China being the world’s largest EV market, BYD has leveraged its affordable, high-volume models to capture significant market share.

While facing hefty tariffs in the United States, BYD is expanding overseas, gaining traction in Southeast Asia, the Middle East, and Europe. In 2025, the company exported over 1 million vehicles, a 150% increase from the previous year. December alone saw a record 133,000 units shipped abroad, with production soon set to begin in new plants in Brazil and Hungary to bypass trade barriers and strengthen its global presence.

The 2025 leadership shift reflects two contrasting trajectories. Tesla’s deliveries fell due to aging models, political challenges, and the EV tax credit phase-out, while BYD surged nearly 30% by targeting entry-level, high-volume segments that Tesla has yet to penetrate. Analysts note that BYD’s vertical integration — producing its own batteries and semiconductors — creates a scale advantage that protects margins as competitors struggle.

Despite record sales, analysts say BYD could face potential challenges in 2026 due to a Chinese policy shift. Fixed rebates have been replaced with a percentage-based system, requiring vehicles to cost at least 166,700 yuan to receive the maximum 20,000 yuan subsidy. A new 5% purchase tax may further impact demand for budget models like the Seagull, although analysts believe BYD’s premium sub-brands are well-positioned to capture consumers moving upmarket.

Tesla narrowly beat BYD in 2024, with 1.79 million units sold versus BYD’s 1.76 million, but 2025 marks the first time BYD has outproduced the American EV giant.

Despite Tesla shares dipping 0.5% in early New York trading on Friday, analysts at Los Angeles-based Wedbush Securities Inc, a leading American financial services firm, noted that its quarterly sales exceeded some expectations, while highlighting ongoing challenges in Europe and other key markets.

With its affordable models, efficient manufacturing, and growing international footprint, BYD is now positioned to reshape the global EV landscape, signaling a historic shift in the balance of power between Chinese and American automakers.

Czech GDP growth was confirmed at 0.8% quarter-on-quarter and 2.8% year-on-year in the final estimate. Real household income added 0.3% YoY in third quarter 2025, while annual household consumption per capita grew at a faster pace of 2.8%. Such twofold dynamics fostered the trend of the savings rate softening to levels observed in the pre-pandemic years. The household savings rate was 18.4% in third quarter 2025, which is 0.1ppt lower than the previous quarter and 1.9ppt lower than a year ago. Total wage costs of non-financial corporations increased by 7.3% YoY in 3Q25.

The investment rate increased by 0.3ppt QoQ and reached 26.8% in third quarter 2025, yet it was 1.1ppt weaker than in the previous year. The profit rate was 43.5% in 3Q25, down 0.1ppt QoQ and 0.3ppt from the previous year. The reading confirmed the good shape of the Czech economy, with fixed investment expanding 0.6% QoQ and 1.7% YoY. The punchy investment figure offers some hope that the Czech industrial base might not be in such a dismal state as suggested by the recent downbeat confidence indicator, with the caveat that the national accounts statistics measure is for the third quarter, but confidence tends to be more forward-looking.

WASHINGTON – The U.S. Department of Labor today awarded $551,195 to Massachusetts to support employment and training services for workers affected by layoffs at The L.S. Starrett Co.

On June 30, 2025, The L.S. Starrett Co. – one of the region’s largest employers – laid off 78 manufacturing workers. Based in Athol, the precision measuring tool manufacturer’s downsizing significantly disrupted the northern Massachusetts rural labor market.

Administered by the department’s Employment and Training Administration, this National Dislocated Worker Grant allows the Massachusetts Executive Office of Labor and Workforce Development to provide retraining and skills development services for dislocated workers seeking assistance in Franklin and Worcester counties.

Supported by the Workforce Innovation and Opportunity Act of 2014, National Dislocated Worker Grants provide a state or local board with funding for direct services and assistance in areas experiencing a major economic dislocation event that leads to workforce needs exceeding available resources.