The numbers are in from November, and BYD Company (BYDDF) is making the kind of moves that should have Tesla Inc. (TSLA) paying very close attention. The Chinese electric vehicle giant just posted its strongest monthly performance of 2025, and perhaps more importantly, it's shipping vehicles overseas at a rate that would have seemed impossible just a year ago.

BYD's November Momentum

BYD (BYDDY) sold 480,186 new energy vehicles in November, marking its highest monthly figure so far in 2025. While that's actually down 5.3% year-over-year, it represents an 8.7% jump from October, according to CnEVPost. Sometimes the month-to-month trend tells you more than the year-over-year comparison, and momentum matters.

Here's where things get interesting: BYD's battery-powered electric vehicle sales climbed 19.9% year-over-year to 237,540 units, also up 6.7% from October. For a company that built its reputation on plug-in hybrids and new energy vehicles broadly, this shift toward pure EVs is significant. It means BYD is going after Tesla's core market more directly.

The plug-in hybrid story is less rosy—sales fell 22.4% year-over-year to 237,381 units, marking the eighth straight month of year-over-year declines. But even there, the sequential trend showed a 10.8% increase from October. Commercial new energy vehicles jumped 88% year-over-year to 5,625 units, a smaller segment but worth noting for the growth trajectory.

For the year through November, BYD's new energy vehicle sales total 4,182,038 units, up 11.3% year-over-year. Battery-powered passenger vehicles reached 2,066,002 units, up an impressive 32.7% year-over-year, while plug-in hybrids declined 5.5% to 2,064,637 units.

The Export Story Changes Everything

If BYD's domestic numbers are strong, the export figures are genuinely remarkable. The company shipped 131,935 new energy vehicles overseas in November, a record total that represents a 325.9% year-over-year increase. That's not a typo. Exports more than quadrupled compared to last November and jumped 57.3% from October alone.

From January through November, BYD sold 912,911 vehicles overseas, up 153.6% year-over-year. This is where Tesla should be concerned. BYD isn't just dominating China anymore—it's expanding aggressively into Europe and other parts of Asia with lower-priced models that are finding willing buyers.

Tesla's China Recovery

The news isn't all bad for Tesla and CEO Elon Musk. Tesla's wholesale sales in China rose 10% year-over-year in November to 78,856 units, and more encouragingly, that figure was up 41% from October's 61,497 units. The 86,700 vehicle total includes both domestic Chinese sales and exports from China to other markets.

Wait times for the Tesla Model Y are increasing in China, which suggests genuine demand rather than inventory clearing. Tesla recently pushed customers to buy Model Y vehicles in November if they wanted delivery before year-end, indicating the company sees sustained interest.

Still, context matters. Tesla's wholesale sales from January to November total 754,561 units, down 8.3% year-over-year. The company has posted year-over-year declines in eight of the eleven months in 2025 so far. November's uptick could signal a turnaround, or it could be a temporary blip. Time will tell whether Tesla can string together consecutive months of growth.

The Bigger Picture

Tesla remains the dominant player in the U.S. electric vehicle market and has been a leader globally for years. But BYD is chipping away at that dominance in markets outside North America. The Chinese automaker's combination of lower prices and expanding model lineup is resonating with buyers, particularly in Europe and Asia.

A survey referenced in September showed European consumers expressing preference for Chinese-made vehicles over American ones. That's a problem for Tesla on multiple fronts. Brand perception issues potentially tied to Musk's public persona in Europe, declining demand for American-made vehicles, and lower-cost competition from BYD create a challenging environment for the Austin-based automaker.

BYD isn't just winning on price. The company is winning on availability, model diversity, and increasingly, on technology. While Tesla invented much of the modern EV playbook, BYD is executing it at scale with the manufacturing advantages of being based in China.

Stock Performance Reflects the Battle

The market is watching this competition play out. BYD (BYDDY) shares trade at $12.69 against a 52-week range of $10.58 to $20.05, up 12.03% year-to-date in 2025. Tesla shares trade at $426.79 versus a 52-week range of $214.25 to $488.54, up 5.68% year-to-date.

Both stocks are up for the year, but BYD's outperformance on a percentage basis reflects growing investor confidence in the Chinese company's global expansion strategy. Tesla's more modest gains come despite significant volatility and ongoing questions about growth prospects in a maturing EV market with intensifying competition.

Should Elon Musk be worried? The honest answer is probably yes, at least about BYD's momentum in markets outside the United States. Tesla still has advantages in brand recognition, charging infrastructure, and technology in some areas. But BYD's November numbers—especially those export figures—show a company that's not just competing, but winning in key global markets.