Global EV Rankings Shift: Geely Closing on Tesla as BYD Retains the Lead

The final tallies for 2025 confirm BYD as the leading global plug-in seller, but its margin narrowed in the closing months as multiple challengers scaled output and broadened market footprints. Tesla experienced a meaningful year-on-year contraction in BEV share and saw December volumes slip, renewing questions about the timing of its product refreshes and its ability to defend positions without new high-volume launches. Geely was the fastest climber among major groups, moving into podium contention as its platform scale and export plans translated into higher global registrations. A cluster of Chinese players — Leapmotor, Xpeng, Xiaomi and other newer entrants — continued aggressive rollouts, lifting several into top-ten brand positions and underscoring how rapid model cadence and export execution are reshaping the competitive map. European markets flashed pockets of strength: Audi and Skoda posted record months driven by year-end demand and new models, while Renault posted its best December in years yet remains short of volumes needed to challenge for global leadership. Europe also crossed a symbolic threshold in December when battery-electric registrations briefly outpaced petrol sales for the month, a signal that available product and buyer acceptance — not just policy signals — are driving adoption. Premium-brand dynamics were notable: Mercedes and BMW adjusted production schedules to capture stronger-than-expected demand for mid-size premium EVs, highlighting an operational imperative for extra shifts and flexible capacity to avoid prolonged delivery backlogs. Volkswagen’s shifting production footprint, including greater use of Chinese plants as volume hubs, helped the group overtake SAIC in OEM registrations but raised questions about margin exposure and brand positioning when China-built cars are routed to export markets. North American policy nudges are also visible in the data: new vehicle-labeling disclosures and incentives have encouraged some OEMs to increase regional content in battery systems, accelerating near-term sourcing shifts for cells and packs. California’s strong late-2025 ZEV surge and early research linking higher ZEV counts to small local NO₂ declines add a public-health overlay to these market movements. The combined picture shows intensifying competition in mainstream and volume segments, where Chinese mass-market brands are closing gaps on legacy automakers; incumbents that delay refreshes or international expansion risk losing access and margin leverage, while nimble firms converting new models into multi-market volume stand to lock in durable share gains. If current trajectories hold, additional reshuffling among brands and OEMs looks likely over the next two years, with implications for supply chains, export strategies, production footprints and capital allocation across manufacturers.