The electric vehicle (EV) market in China experienced a significant surge in September, with BYD leading the way in domestic market domination. EV registrations, including battery-electric vehicles (BEVs) and plug-in hybrids (PHEVs), reached a new record of over 1.1 million units delivered in the month, marking a 51% increase compared to the previous year. This growth was notable for both BEVs, which saw a 29% increase, and PHEVs, which jumped by 97%.
In September, EVs accounted for 53% of the overall new-car market in China, with BEVs alone representing 31% of all deliveries. The market share for EVs between January and September stood at 47%, with BEVs making up 27% of that share. While BEVs have only seen a 2% increase in market share compared to the previous year, PHEVs have shown a faster growth rate, increasing by around 8%.
BYD emerged as a dominant force in the Chinese EV market, with the brand occupying the top positions in the overall best-seller chart. The BYD Song claimed the top spot, followed by the Tesla Model Y in second place. BYD models filled the majority of the top 20 positions, showcasing the brand’s success in its domestic market.
Other notable performances in September included the Wuling Mini EV, which achieved its best performance since February 2023, and the Li Auto L6, which saw a record number of deliveries. The Tesla Model 3 also experienced success, securing its best performance in two years.
Overall, September’s results did little to alter the year-to-date rankings, with BYD maintaining its stronghold at the top. The competition for second and third places remained close, with the Tesla Model Y trailing behind the BYD Qin Plus. BYD models continued to dominate the market, with the BYD Song leading the pack.
In conclusion, the Chinese EV market is witnessing significant growth, with BYD leading the charge and setting the stage for further advancements in the push towards full electrification by 2030. The success of domestic brands like BYD highlights the ongoing evolution and competitiveness of the EV market in China.
