Gasgoo Munich-Ford Motor released its 2025 earnings on Feb. 11, reporting full-year revenue of $187.3 billion — marking a fifth consecutive year of growth. Adjusted earnings before interest and taxes came in at $6.8 billion. Looking ahead, the company projects adjusted EBIT will climb to an $8 billion to $10 billion range in 2026. Yet the results arrive against a backdrop of shifting tides in the global auto industry.
Image Credit: Ford Motor
Data released on Feb. 10 shows Ford's global wholesale volumes slipped nearly 2% last year to roughly 4.4 million units. That tally trails Chinese rival BYD, which delivered 4.6 million vehicles. The shift means BYD overtook Ford in 2025 to claim the sixth spot among global automakers, pushing Ford down to seventh.
Ford's performance showed a sharp regional divide. While growth held steady in its home US market, the automaker faced headwinds in Europe and China. The pressure is particularly acute in China, where domestic brands like BYD, Xiaomi, and Geely are steadily eroding the market share of traditional foreign players. Leveraging rapid product cycles in electrification and smart technology, these local competitors have forced Ford to book $19.5 billion in charges to recalibrate its electric vehicle strategy.
BYD, meanwhile, is accelerating its global expansion. The company exported 1.05 million vehicles overseas in 2025 and aims to push that figure to 1.3 million in 2026, with a focus on Europe, South America, and Asia. Yet challenges loom at home: government subsidies for new-energy vehicle purchases are phasing out, and regulators have warned against cutthroat price wars that could trigger excessive competition within the industry.
Competition at the top of the global auto industry remains fierce. Toyota Motor secured the top spot for the sixth straight year with 11.3 million vehicles sold, up 4.6% from the previous year. Today, the battle between traditional giants and emerging forces — fought on the dual fronts of electrification and globalization — is fundamentally reshaping the industry's rankings and profit landscape.
