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Ride Radar > Blog > Uncategorized > BYD strengthens brand lead in China’s new-car market
Uncategorized

BYD strengthens brand lead in China’s new-car market

Last updated: December 5, 2024 4:08 pm
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The Chinese electric vehicle (EV) market witnessed significant growth in October 2024, with over 1.23 million registrations, marking a 53.5% increase from the previous month. According to data from EV Volumes, both battery-electric vehicles (BEVs) and plug-in hybrids (PHEVs) contributed to this surge, with the PHEV sector showing the most substantial delivery growth.

Throughout the first ten months of the year, China’s EV market saw a 37.8% increase in registrations, totaling over 8.59 million vehicles. This period also highlighted a more balanced market landscape, with various brands competing closely and sharing market shares more evenly. However, one brand stood out from the rest – BYD.

BYD’s dominance in the Chinese EV market was evident in October, with a 57.4% increase in registrations compared to the same period last year, totaling 426,945 deliveries. The brand’s success was primarily driven by its performance in the PHEV segment, where it secured seven out of the top ten spots, contributing over 240,000 units.

Following BYD was Wuling, which experienced a remarkable month with a 70.9% increase in deliveries, reaching a total of 79,151 units. This growth was attributed to its Mini and Bingo models in the BEV market, collectively accounting for 58,291 registrations.

In third place was Li Auto, with 51,443 deliveries in October, reflecting a 27.3% year-on-year improvement. The brand’s L6 extended range electric vehicle (EREV) played a significant role in this success, showcasing impressive performance in just its seventh month on the market.

Tesla, despite experiencing its worst month since April, secured the fourth position with 40,595 units delivered. The brand’s Model Y contributed significantly to its performance in the BEV market, while the Model 3 had a less successful month with only 4,281 deliveries.

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Leapmotor rounded out the top five with 36,086 units, marking a 98.2% improvement from the same month last year and achieving a record month for the brand.

The competition intensified among brands in the Chinese EV market, with Chery experiencing a remarkable 204.5% growth, securing the sixth position with 35,887 registrations. Aito followed closely in seventh place with 34,058 units, showing a 166.2% increase in deliveries.

Geely and Aion occupied the eighth and ninth positions, with 32,048 and 31,925 units, respectively. Galaxy closed the top ten with 31,155 units, marking a 127.2% improvement over October 2023.

BYD continued to lead the market throughout the first ten months of the year, with around 2.76 million units delivered, representing a 28% increase from the same period in 2023. Despite its market dominance, the brand’s market share slightly declined to 32.1% as competition intensified.

Tesla maintained its second position in the year-to-date table, with 502,151 units delivered, reflecting a 7% increase from the previous year. Wuling followed in third place with 446,752 units, showing a 40% improvement over the same period in 2023.

Li Auto and Aito completed the top five, with notable increases in deliveries and market shares. In contrast, Aion experienced a decline in both deliveries and market share, marking the only brand in the top ten to suffer a year-on-year decrease.

Overall, the Chinese EV market showcased contrasting fortunes for various brands, with some experiencing significant growth and market dominance, while others faced challenges in maintaining their positions. The market dynamics continue to evolve, highlighting the fierce competition and rapid growth in the electric vehicle sector.

See also  BYD, Xiaomi overtake Tesla as top EV brand choices in China, says UBS
TAGGED:brandBYDChinasleadmarketnewcarStrengthens
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