Stock Market and Federal Economic Policy

Tesla's global deliveries fell to 1.64 million vehicles in 2025 — an 8.6% year-over-year decline — while BYD sold about 2.26 million EVs, overtaking Tesla as the world's largest EV maker. The drop, including a weak Q4 of 418,227 deliveries (down 15.6% and below estimates), has been attributed to the fall 2025 phaseout of the $7,500 federal EV tax credit, aging model lineups and consumer backlash over Elon Musk’s political involvement, although Tesla shares rose as investors pinned hopes on robotaxi and other autonomous-vehicle opportunities.