Chinese electric-vehicle growth continued in December, with BYD set to take the crown of largest seller from Tesla for the second time. Growth alone, however, wasn’t enough to give all the Chinese EV stocks a boost.

Tesla reported the first full-year drop in sales in its history as a public company Thursday, as increased competition and slowing demand for electric vehicles hit its results.

BYD is closing in on Tesla after a record December closed off a good 2024 for the Chinese EV giant. The company sold 4.25 million new energy passenger vehicles last year, according to data released on Wednesday.

Chinese car maker BYD saw sales jump at the end of last year, leaving it closer to claiming the title of the world's best-selling electric vehicle (EV) maker of 2024. The company says it sold 207,734 EVs in December,

China’s BYD Co. enjoyed a year-end surge to push total sales to 4.25 million passenger cars last year, narrowing its gap with Tesla Inc. as the two vie for the crown of top-selling electric-vehicle maker of 2024.

Chinese automaker BYD ended 2024 with a surge in sales, competing closely with Tesla for the title of the world's top EV maker. The company sold over 207,000 EVs in December, bringing its annual total to 1.