China’s BYD Surpasses Tesla as the Top Global EV Seller

Gunjan Banerjee (0:00)

You're about to make a trade.

Telus Demos (0:02)

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Is it get optioning those options?

Dave Michaels (0:07)

Or let's do a little research.

Luke Vargas (0:11)

Learn more at finra.org/tradesmart. China's BYD becomes the world's biggest EV maker after Tesla sales drop for the second straight year. Plus as protests in Iran turn violent, President Trump threatens to intervene. And promises of change meet reality as New York City Mayor Zohran Mamdani takes office.

James Fanelli (0:37)

A big challenge is finding out where to get the money. He wants to see taxes raised on the city's wealthiest and also raise taxes on corporations. But he needs to get allies up in the state to go along with it. And that's going to be tough.

Luke Vargas (0:55)

It's Friday, January 2nd, 2026 I'm Luke Vargas for the Wall Street Journal. And this is What's News in your feed once a day over the holidays with the top headlines and business stories moving the world today.

There is a new holder of the title of world's biggest EV maker. And it's not Tesla. China's BYD says it sold over two and a quarter million battery electric vehicles last year, a 28 percent annual jump, while Tesla's sales dropped 9 percent, its second consecutive annual slide, to 1.64 million cars. Tesla, which saw its sales dented by the end of US federal subsidies and flagging European demand, is now pivoting its business toward robotics and autonomous vehicles like the cybercab RoboTaxi, which doesn't have a steering wheel. Other major American automakers are rethinking their EV plans. And BYD itself faces big competition from Chinese rivals like Geely and Leap Motor. Global markets are kicking off the year on a strong note with a familiar trend powering gains. AI, as chip players NVIDIA, Intel and Micron rallied. Furniture and home goods sellers like Wayfair and Williams-Sonoma are also climbing after the Trump administration delayed tariff increases on furniture and kitchen cabinets by a year. They had been set to go into effect on New Year's Day. In other trade news, the US is rethinking proposed tariffs on Italian pasta that exporters feared could have forced it out of American stores. The US Commerce Department had promised anti-dumping duties of 92% that could kick in as early as this month, triggering a lobbying push by Italy's government which had sought to position itself as one of the Trump administration's closest allies in Europe. Instead, a range of revised tariff rates will top out at 13.9%, according to an industry representative and Italy's foreign ministry. The Trump administration is preparing to pull National Guard troops out of LA, Chicago and Portland, Oregon. The announcement comes after the administration suffered a loss at the Supreme Court last week in litigation over troops in Chicago, a rare defeat for the president on an issue of executive power. The White House didn't comment on whether troops would remain in Washington DC., Memphis and New Orleans. And the Justice Department is shifting away from prosecuting certain white-collar crimes. Dave Michaels covers law enforcement for the Wall Street Journal, and he looked at the DOJ's changing priorities under Trump.

Dave Michaels (3:33)

The number of foreign bribery prosecutions has fallen a lot, and that's obviously partly due to the fact that President Trump ordered a six-month pause on all foreign bribery cases In past years, the Justice Department and the Securities Exchange Commission, which share this authority to enforce the Foreign Corrupt Practices Act, have combined to bring about 33 new cases every year against either companies or individuals. In 2025, the Justice Department brought six new cases, and the SEC brought zero. The Trump administration has very intentionally tried to shift toward enforcement that really fits the president's priorities. They are now trying to, for instance, bring cases against businesses accused of dodging or underpaying tariffs, or that are accused of making protection payments to drug gangs that have been designated as terrorist organizations.

Luke Vargas (4:34)

Coming up, President Trump warns Iran against attacking protesters as demonstrations turn violent and a look at the challenges awaiting Zohran Mamdani as he takes over as New York City mayor. That and more after the break.

Gunjan Banerjee (4:55)

Hi, this is Gunjan Banerjee.

Telus Demos (4:57)

And this is Telus Demos.

Dave Michaels (4:58)

We are reporters at The Wall Street Journal and the hosts of WSJ's Take on the Week.

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Take on the Week is a weekly show that gives listeners a leg up in the world of markets and investing.

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From the Fed's moves to market bubbles, we dive into the biggest deals, key players and business news ahead.