EV Stocks 2026 Forecast: China Tightens Incentives as BYD Growth Cools
China tightened 2026 EV trade-in subsidies, cutting support for cars under 150,000 yuan. BYD posted its slowest annual sales growth in five years, with 2025 sales up 7.73% and December down 18.3%. Nio and XPeng reported record 2025 deliveries, with XPeng’s annual total up 126%. BYD set a 2026 overseas sales target of up to 1.6 million vehicles.