After a decade of Tesla’s dominance, China’s BYD sold 1.85 million electric vehicles in 2025, edging past Tesla’s 1.64 million deliveries for the full year. Tesla’s fourth-quarter deliveries fell 16% year-over-year to 418,227 units, a miss versus consensus forecasts of roughly 426,000. BYD’s 19% year-over-year sales gain was driven by strong demand for its Dolphin and Seal models in both domestic and export markets. Tesla CEO Elon Musk acknowledged the shift in a recent earnings call, attributing the decline partly to the expiration of U.S. federal EV tax credits and intensifying competition from lower-cost Chinese manufacturers.

Greenbush Financial Group LLC increased its holdings in Tesla by 9.5% during the third quarter, acquiring an additional 1,160 shares to reach 13,348 total. That position represents 2.3% of Greenbush’s portfolio and ranks as its 16th largest holding, valued at $5.94 million at quarter-end. Other notable moves include Coastline Trust Co doubling its stake to 203 shares, RB Capital Management adding 50 shares for a 2.9% increase, and Salomon & Ludwin LLC raising its position by 62.6% to 2,940 shares. Collectively, institutional investors and hedge funds account for 66.2% of Tesla’s outstanding shares according to the latest SEC filings.

Following the fourth-quarter delivery shortfall, Wall Street analysts have adjusted their views. Morgan Stanley maintained an equal-weight rating with a target of $425, noting that energy storage deployments reached a record quarterly high of 46.7 gigawatt-hours. Deutsche Bank reiterated its buy rating and raised its target to $500, citing progress on full-self-driving software and planned robotaxi production in 2026. Conversely, Truist Securities trimmed its target to $439 and kept a hold rating, expressing caution over near-term automotive demand and valuation levels. Among 57 surveyed analysts, 13 rate Tesla as a buy, 14 rate it a hold, and nine recommend selling, resulting in a consensus ‘Hold’ rating.