Charged: Chinese competitor BYD outsells Tesla in Europe in July

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From the hotly-debated high-flier Tesla (TSLA), Wall Street’s newest darling Rivian (RIVN), traditional-stalwarts turned EV-upstarts GM (GM) and Ford (F) to the numerous SPAC-deal makers that have come public in this red-hot space, The Fly has you covered with “Charged,” a weekly recap of the top stories and expert calls in the sector.

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OUTSELLS TESLA: In July, BYD (BYDDF) sold more cars in Europe than Tesla (TSLA) once again, a sign Tesla continues to face stiff competition from its Chinese rival as it expands aggressively in the continent, The Wall Street Journal’s Mauro Orru reports. New-car registrations for BYD models, a reflection of sales, more than tripled on year to 9,698 vehicles across the EU in July, according to the European Automobile Manufacturers’ Association, an industry body also known as ACEA. When including the U.K., Iceland, Liechtenstein, Norway and Switzerland, sales more than tripled to 13,503 vehicles. In contrast, registrations for Tesla models in the EU contracted more than 42% to 6,600 cars, extending a streak of disappointing EU monthly sales for the company this year. December marked the last month when Tesla logged higher sales in the EU, with 5.9% growth.

CHINA-MADE EV SALES FALL: Tesla’s China-made EV sales fell 4% in August compared to last year, but deliveries of its Model 3 and Model Y vehicles made at its Shanghai factory surged 22.6% from July, Reuters reports.

AUGUST DELIVERIES: Zeekr Group (ZK) announced its delivery results for August. In August, Zeekr Group delivered a total of 44,843 vehicles across its Zeekr and Lynk & Co brands, reflecting increases of 10.6% year-over-year and 1.5% compared to the previous month. Specifically, the Zeekr brand delivered 17,626 vehicles, while Lynk & Co delivered 27,217 vehicles.

Nio (NIO) announced its August delivery results. The company delivered 31,305 vehicles in August. The deliveries consisted of 10,525 vehicles from the company’s premium smart electric vehicle brand NIO, 16,434 vehicles from the company’s family-oriented smart electric vehicle brand ONVO, and 4,346 vehicles from the company’s small smart high-end electric car brand FIREFLY. Cumulative deliveries reached 838,036 as of August 31, the company noted.

Li Auto (LI) announced that it delivered 28,529 vehicles in August 2025. As of August 31, 2025, Li Auto’s cumulative deliveries reached 1,397,070. “In September, Li Auto will launch Li i6, a battery electric SUV priced between RMB250,000 and RMB300,000. Additionally, the release of OTA 8.0 in September will roll out the company’s VLA Driver large model to all Li AD Max users while introducing a comprehensively evolved Li Xiang Tong Xue Agent. As of August 31, 2025, the company had 543 retail stores in 156 cities, 536 servicing centers and Li Auto-authorized body and paint shops operating in 222 cities. The company also had 3,190 super charging stations in operation equipped with 17,597 charging stalls in China,” the company stated.

XPeng (XPEV) announced its vehicle delivery results for August. In August, XPeng delivered 37,709 Smart EVs, a 169% year-over-year increase and up 3% over the prior month, “setting a new record for monthly deliveries,” the company stated. Deliveries for the first eight months of 2025 reached 271,615 units, marking a 252% increase compared with the same period last year, the company noted.

LOWER GROWTH OUTLOOK: BofA downgraded Li Auto to Neutral from Buy with a price target of $26, down from $31, following the company’s Q2 report and guidance to lower sales volume in Q3. The firm, which cut its sales volume estimates for 2025-2027, also cut its non-GAAP earnings estimates for the three years by 38%, 33% and 31%, respectively.

AD/CVD DUTY: Wells Fargo notes that following the U.S. trade court ruling that with AD/CVD – antidumping duty and countervailing duty – from the Biden moratorium now potentially coming due, Canadian Solar (CSIQ) is most at risk, while First Solar (FSLR) could be a beneficiary. Canadian Solar “faces significant uncertainty” as the potential liability could exceed its market cap and cash on hand, the firm tells investors in a research note. Wells Fargo further notes that as developers reconsider panel choices due to retroactive tariffs, they may pivot to non-impacted imports or First Solar modules, adding that the company often gains share during policy uncertainty.

GM AUGUST EV SALES: In a post to the General Motors corporate site, Senior Vice President and President, North America, Duncan Aldred stated : “U.S. electric vehicle sales likely set an all-time monthly record in August, as customers rushed to make purchases ahead of the expiration of Federal EV tax credits. For General Motors, that meant sales of more than 21,000 EVs combined from Chevrolet, Cadillac, and GMC. GM remains the #2 EV seller, driven by strong demand for vehicles like the Chevrolet Equinox EV, the Cadillac LYRIQ, and the GMC Sierra EV. August was our best month ever for EV sales – and we expect that buying surge to pay long-term dividends, given our industry-leading manufacturer loyalty, and EV customers’ overwhelming commitment to the technology. I’m grateful to our team and our dealers for helping us outperform nearly every EV competitor. We’re expecting strong demand once again in September. The question, of course, is what’s next? There’s no doubt we’ll see lower EV sales next quarter after tax credits end September 30, and it may take several months for the market to normalize. We will almost certainly see a smaller EV market for a while, and we won’t overproduce. Still, we believe GM can continue to grow EV market share. Our confidence in the future of our EV business starts with our portfolio. Before there was an IRA, the strongest segments were affordable EVs and luxury, and we have those bases covered with our stunning Cadillacs, the Chevrolet Equinox EV, and soon, the new Chevrolet Bolt. And the style, performance, and industry-leading range of our Chevrolet, GMC and GMC HUMMER pickups and SUVs is unmatched. Meanwhile, we are seeing marginal competitors dramatically scale back their products and plans, which should end much of the overproduction and irrational discounts we’ve seen in the marketplace.”