2026-01-07 03:21:43

The new energy electric vehicle market in 2025 has ushered in a reshuffle. The data is in front of us: BYD sold 2.26 million units for the year, a 28% increase year-over-year, surpassing Tesla for the first time to become the sales champion in the pure electric vehicle sector. In contrast, Tesla's 1.64 million units marked a two-year decline, with a 9% drop last year and a 16% quarter-over-quarter plunge in the fourth quarter. This is the first time since 2020 that it has been fully overshadowed in the pure electric field.

Where are the advantages? BYD's vertically integrated system and large-scale production capabilities are evidently superior. Not only has it maintained steady growth in the domestic market, but it has also achieved localized production and rapid delivery in multiple overseas markets. In comparison, Tesla's expansion at its Berlin and Texas factories has not gone smoothly—labor disputes and environmental resistance have emerged one after another, and the expansion pace has significantly slowed.

Interestingly, Elon Musk is not solely committed to the automotive business. By the end of 2025, he announced that SpaceX would initiate an IPO in 2026, with a valuation target of $1.5 trillion. How big is this figure? It surpasses Apple's current market value and far exceeds Saudi Aramco's 2019 IPO record of $294 billion, potentially becoming the largest public offering in history.

The logic of the capital markets is actually quite clear: Tesla's stock price has long relied on Musk's personal vision. When the growth story of cars becomes hard to tell, a new narrative must be found. Meanwhile, SpaceX holds over 4 million Starlink users worldwide, an exclusive NASA crewed contract, and potential for Starship commercial launches and lunar missions. The cash flow and growth potential of these assets have been revalued by Wall Street.

Once the IPO succeeds, the mechanism may become more complex—cross-shareholdings, technological synergies, and even a restructured valuation model of the entire 'Musk asset portfolio' could boost Tesla's stock price and financing capacity. After the announcement, ETFs related to commercial space soared to a record weekly inflow, and several investment banks upgraded the ratings of supply chain companies. Wall Street is adjusting its narrative framework: if it can't beat BYD on the ground, it will redefine the game in the sky.

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AltcoinHunter

· 01-07 03:51

BYD has directly broken through, and Tesla is really struggling this time... But wait, Musk turns around and goes to raise 1.5 trillion to build Starlink? This move is clever, following the same logic as our crypto circle's "narrative rotation." When story A can't be told convincingly, they just make up story B, just like the chives on Wall Street are easy to harvest. --- Honestly, I don't quite understand. If they can't beat BYD on the ground, how can they turn the tide with space? Isn't this just putting money from the left pocket into the right pocket? --- Calm analysis: Is this IPO of SpaceX really a hundredfold opportunity? I want to get on board, but this valuation is just too outrageous... Higher than Apple? It feels a bit虚幻, friends. --- Haha, Tesla has finally been broken through. I said long ago that the narrative would change. Now it's Musk's turn to spin the story of the space station, and capital eats this stuff up. --- I've seen the term vertical integration system before in a certain L1 blockchain white paper, and now it's being used to describe BYD... But they really did outperform on the production side, there's no way to wash that away. --- Starlink with 4 million users, lunar missions, consensus reached... No, this is aerospace, not crypto. Why do I keep wanting to get on board?

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ImpermanentPhobia

· 01-07 03:51

BYD has truly outperformed Tesla, which is a bit of a dead end, but I’m more interested in whether Musk’s upcoming SpaceX IPO can revive Tesla’s stock price... --- Selling a few million vehicles doesn’t mean much; the key is who can tell a story that attracts more capital. That’s the game. --- Vertical integration is really impressive; the industrial capability gap is too wide. --- A valuation of 1.5 trillion... Wall Street’s move this time is really betting heavily on Starlink, which is a bit crazy. --- When the ground fails, go to the sky to set the rules—that logic is brilliant haha. --- Tesla’s slowdown in recent years is well-deserved; without innovation, it’s just squeezing toothpaste. --- To put it simply, it’s still about capacity and cost control. BYD has already outcompeted in this area. --- Wait, if SpaceX really goes public, how will the capital chain be reorganized... feels a bit complicated. --- Musk still knows how to play; if Tesla fails, it can still rely on space to save the day. No one else has this move.

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VirtualRichDream

· 01-07 03:47

BYD is really fierce this time. Vertical integration plus cost control is a total domination. Tesla is now relying on storytelling to survive, and Musk's move is truly putting eggs in different baskets... gotta seize the opportunity.

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WalletsWatcher

· 01-07 03:39

BYD has really pressed Tesla to the ground in this wave, and the vertical integration system is just unbeatable. Elon Musk's left hand Tesla is struggling, while his right hand SpaceX is rushing forward. The combination punch in the capital market is extremely impressive. The Tesla story can no longer be sustained, so why not go to space? The 1.5 trillion gamble is big enough. With Starlink and NASA contracts, Wall Street has already changed its tune—ground failures are compensated in space. This move, frankly, is using SpaceX's growth potential to stop the bleeding for Tesla—a classic capital game of nested strategies. BYD steadily builds its electric vehicle business, while Tesla is busy telling new stories. The logic has completely changed. The mess at the Berlin factory, with poor expansion efforts, and now thinking of going public to raise funds—this move is quite ruthless.

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