BYD Stock Hits Record High as It Overtakes Tesla in European EV Sales

BYD’s Hong Kong-listed shares (HK:1211) soared to a record high of HK$477.80 on Friday, driven by news that the Chinese electric vehicle (EV) maker outsold Tesla (NASDAQ:TSLA) in Europe for the first time. Shares later eased slightly to HK$473.40 but maintained strong momentum, extending a recent rally fueled by positive analyst sentiment and robust export growth.

The rally was supported by a bullish note from Citi, which raised its target price on BYD and cited improved export prospects. BYD’s gains also contributed to a 0.6% rise in the broader Hang Seng Index.

According to market intelligence firm JATO Dynamics, BYD registered 7,231 battery electric vehicles (BEVs) in Europe in April 2025, surpassing Tesla’s 7,165 units. This marks a key milestone for BYD, highlighting its growing footprint in a crucial international market despite European Union tariffs on Chinese EV imports.

While BYD’s plug-in hybrid vehicles remain its top sellers, the surge in BEV sales reflects its expanding influence beyond China. The company’s ability to outperform Tesla in Europe underscores shifting market dynamics in the global EV sector.

Tesla, meanwhile, faces multiple challenges. The firm is grappling with slowing global sales, aging vehicle models, and reputational issues tied to CEO Elon Musk. These factors contributed to Tesla’s first-ever annual delivery decline in 2024. Despite this, Musk recently claimed sales were recovering outside Europe, maintaining a positive long-term outlook.

As competition intensifies, BYD’s latest achievement signals a pivotal moment in the EV race, positioning it as a formidable global contender against Tesla. The stock’s surge and Europe’s evolving market landscape could shape the next phase of the electric vehicle industry.