Tesla Sales Decline in 2025 as BYD Surpasses in EV Market

Written by Emily J. Thompson, Senior Investment Analyst

BYD-1.5%

TSLA-0.99%

Source: NASDAQ.COM

Updated: Jan 09 2026

0mins

Source: NASDAQ.COM

Sales Comparison: In 2025, Tesla delivered 1.6 million electric vehicles, reflecting a 9% decline year-over-year, while BYD sold over 2.2 million electric vehicles, marking a 28% increase, highlighting intensifying market competition.
International Market Performance: BYD's overseas sales surpassed 1 million vehicles for the first time, up 150% from the previous year, indicating strong momentum in international expansion despite fierce domestic competition and margin erosion.
Future Outlook: Tesla faces multiple challenges, including lawsuits and an aging product lineup, with Musk warning of several tough quarters ahead in 2026, which could impact investor confidence.
Valuation Analysis: Despite declining sales, Tesla maintains a market capitalization of $1.5 trillion and a price-to-earnings ratio of 314, reflecting the market's high expectations for its future technological expansion potential.

BYD

$82.23+Infinity%1D

Analyst Views on BYD

Wall Street analysts forecast BYD stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for BYD is 93.10 USD with a low forecast of 85.00 USD and a high forecast of 110.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.

10 Analyst Rating

4 Buy

6 Hold

0 Sell

Moderate Buy

Current: 83.480

Low

85.00

Averages

93.10

High

110.00

Current: 83.480

Low

85.00

Averages

93.10

High

110.00

Morgan Stanley

Equal Weight

maintain

$85 -> $87

2026-01-16

Reason

Morgan Stanley

Price Target

$85 -> $87

AI Analysis

2026-01-16

maintain

Equal Weight

Reason

Morgan Stanley raised the firm's price target on Boyd Gaming to $87 from $85 and keeps an Equal Weight rating on the shares. Gaming, lodging and leisure fundamentals were "muted" in 2025, with select areas of acceleration skewed to companies serving older, wealthier consumers, the analyst tells investors in a 2026 look ahead note on the group. For 2026, the firm expects "more of the same fundamentally," with the added wrinkle of rates boosting goods over services, the analyst added.

BofA

Shaun Kelley

Buy

maintain

$90 -> $100

2026-01-05

Reason

BofA

Shaun Kelley

Price Target

$90 -> $100

2026-01-05

maintain

Buy

Reason

BofA analyst Shaun Kelley raised the firm's price target on Boyd Gaming to $100 from $90 and keeps a Buy rating on the shares. The Gaming and Lodging group "appears to be at a crossroads" to start 2026 as the year offers easy comps, OBBB refunds and stimulus, but also still has a stretched consumer after years of inflation, the analyst tells investors. Negative estimate revisions trumped low valuations in 2024 and 2025 and the firm is "fearful this continues in 2026," the analyst added in a note on the group.

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Jefferies

Buy

maintain

$107 -> $110

2025-12-24

Reason

Jefferies

Price Target

$107 -> $110

2025-12-24

maintain

Buy

Reason

Jefferies raised the firm's price target on Boyd Gaming to $110 from $107 and keeps a Buy rating on the shares. Economic trends in the Las Vegas region remain strong and forthcoming capital projects by Boyd should benefit from a strong market set up, Jefferies told investors in a research note. With same-store growth very limited, the firm believes upside opportunities are best in internal and new market capital growth. Jefferies updated FY26 estimates and launched FY27 estimates, which the firm said "substantiate" its upside cases for these Buy-rated names.

Goldman Sachs

Mark Jordan

Neutral

initiated

$176

2025-12-08

Reason

Goldman Sachs

Mark Jordan

Price Target

$176

2025-12-08

initiated

Neutral

Reason

Goldman Sachs analyst Mark Jordan initiated coverage of Boyd Group Services NYSE-listed shares with a Neutral rating and $176 price target while maintaining a Neutral rating for the Toronto-listed shares with a price target of C$245, down from C$247 to reflect current exchange rates. The firm believes a successful completion of the announced but not yet closed acquisition of Joe Hudson's Collision Center could contribute to Boyd's financials through FY27, the analyst tells investors.

About BYD

Boyd Gaming Corporation is a gaming company. It operates over 28 gaming entertainment properties in 10 states, manager of a tribal casino in northern California, and owner and operator of Boyd Interactive, a B2B and B2C online casino gaming business. Its segments include Las Vegas Locals, Downtown Las Vegas, Midwest & South, and Online. The Las Vegas Locals segment consists of eight casinos in the Las Vegas metropolitan area. The Downtown Las Vegas segment consists of three properties: California Hotel and Casino, Fremont Hotel & Casino, and Main Street Station Hotel and Casino. Its Midwest & South properties consist of five land-based casinos, five dockside riverboat casinos, three racinos and four barge-based casinos that operate in nine states, predominantly in the Midwest and southern United States. The Online segment includes its online gaming operations through collaborative arrangements with third parties throughout the United States and the operations of Boyd Interactive.

About the author

Emily J. Thompson

Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.