BYD (HKG: 1211, OTCMKTS: BYDDY) has once again emerged as the leader in China’s new energy vehicle (NEV) market, maintaining its position as the top retail seller in the country. According to the latest data from the China Passenger Car Association (CPCA), BYD’s retail sales of passenger NEVs in China reached 417,232 units in November, giving the company a commanding 32.9 percent market share.
This marks the second time this year that BYD has surpassed the 500,000 mark in monthly wholesale sales, with a total of 506,804 NEVs sold in November. The company’s success can be attributed to strong sales of its Dynasty and Ocean series of passenger cars, which saw a 68.29 percent year-on-year increase in November.
Overall, China’s passenger NEV market saw a record-breaking month in November, with retail sales reaching 1,268,000 units. This marks the fourth consecutive month of more than 1 million units sold, representing a 50.5 percent year-on-year increase.
On the other hand, Tesla (NASDAQ: TSLA) also saw a strong performance in China’s NEV market, with retail sales totaling 73,490 vehicles in November. This represents a 12.2 percent year-on-year increase for the US electric vehicle maker, propelling it to fourth place in the market with a 5.8 percent share.
Tesla’s success in China can be attributed to its factory in Shanghai, which produces the Model 3 sedan and Model Y crossover for both local customers and export markets. In November, Tesla sold a total of 78,856 vehicles in China, including 5,366 units exported.
Geely and SAIC-GM-Wuling rounded out the top three in China’s NEV market in November, with 120,896 and 84,757 unit sales respectively. Geely’s success can be seen in its 94.3 percent year-on-year increase in NEV retail sales for the January-November period, securing second place with a 7.9 percent market share.
In the overall passenger car market, BYD maintained its lead with a 17.2 percent share in November, followed by Geely with a 9.0 percent share and Chery with a 6.5 percent share. For the January-November period, BYD held onto its top spot in the passenger car retail market with a 16.4 percent share, followed by Geely and FAW-Volkswagen.
Overall, BYD’s continued dominance in China’s NEV market underscores the company’s strong position in the industry. With Tesla making significant strides and other competitors vying for market share, the race for supremacy in China’s NEV market is heating up.
