Latest data shows significant changes in the market capitalization landscape of global automakers. As of the market close on December 31, 2025, Tesla, Toyota, Xiaomi, and BYD occupied the top four positions in terms of market capitalization. Among them, Xiaomi, with a market cap of $131.49 billion, surpassed BYD's $130.23 billion, climbing to the third place globally and becoming the first Chinese new-force automaker to break into the global top three.
