BYD Maintains Top Position in China’s NEV Market in October
BYD (HKG: 1211, OTCMKTS: BYDDY) continued its dominance in China’s new energy vehicle (NEV) market in October, with retail sales surpassing all competitors. According to data from the China Passenger Car Association (CPCA), BYD sold 431,367 passenger NEVs at retail in China last month, securing a 36.1 percent market share.
This marks the third consecutive month that BYD has held the top spot in China’s NEV market, with its share increasing from 34.4 percent in September. The company’s retail sales in October saw a significant 67.2 percent increase compared to the same period last year, demonstrating its strong performance in the market.
In October, BYD set a new record by selling a total of 502,657 NEVs, representing a 66.53 percent year-on-year increase and a 19.84 percent month-on-month growth. The sales figures include both passenger cars and commercial vehicles across the company’s brands, with BYD-branded passenger cars, such as the Dynasty and Ocean series, accounting for 480,841 units.
On the other hand, Tesla (NASDAQ: TSLA) experienced a decline in market share, slipping to the third position with a 3.4 percent share in October, down from 6.4 percent in September. Despite a 41.4 percent year-on-year increase in retail sales to 40,485 vehicles, Tesla’s market share saw a significant drop.
Tesla’s sales in China included 27,795 vehicles for export, with a total of 68,280 units sold in October. This figure represents a 41.43 percent increase compared to the previous year but a 43.93 percent decrease from September. Tesla operates a factory in Shanghai, producing the Model 3 sedan and Model Y crossover for both local customers and export markets.
In the overall passenger car market, BYD continued to lead in retail sales with a 19.1 percent share in October, up from 18.3 percent in September. Geely followed in second place with an 8.6 percent share, while Chery ranked third with a 6.4 percent share.
For the January-October period, BYD maintained its position as the top player in China’s NEV market, with retail sales reaching 2,897,974 units and a 34.8 percent share. Geely and Tesla claimed the second and third spots, with retail sales of 633,241 units and 500,685 units, respectively.
Overall, BYD’s strong performance in China’s NEV market reflects its continued commitment to innovation and sustainability. As the industry continues to evolve, competition among automakers is expected to intensify, with BYD poised to maintain its leadership position in the market.
