BYD continues to dominate the Chinese electric vehicle (EV) market, maintaining its strong position in the first eight months of 2024. With a market share of 32.3% in both battery-electric vehicle (BEV) and plug-in hybrid (PHEV) sales, BYD has solidified its lead, increasing its share by 0.9 percentage points from the previous month.
The brand’s success is attributed to its diverse range of offerings, including PHEVs like the Seal U DM-i, making it a more accessible choice for consumers who are not yet ready to fully transition to electric vehicles. In contrast, Tesla, which exclusively sells BEVs, saw a slight decrease in market share to 6.4% in August.
Following BYD, Wuling secured third place with a market share of 5.1%, driven by the popularity of its Bingo and Mini EV models. Li Auto maintained a consistent market share of 4.7%, supported by the ongoing success of its L6 model. Geely also made gains in August, climbing to fifth place with a 4.2% share, surpassing Aito, which experienced a decline to 4.1%.
On the carmaker front, BYD continued to lead the pack with a 34% market share between January and August 2024. Despite a slight decrease in market share for its daughter brands, including Denza and Fang Cheng Bao, BYD’s overall performance remained strong. Geely-Volvo followed in second place with a 7.8% market share, while Tesla and SAIC held third and fourth place, respectively.
SAIC faced challenges in capitalizing on Wuling’s success due to underperforming brands like MG and Maxus. However, its new premium brand, IM Motors, showed promising growth. Changan and GAC rounded out the top five carmakers, with Changan holding a slightly higher market share of 5.8%.
Overall, BYD’s dominance in both the brand and carmaker charts reflects its ability to cater to a diverse range of consumers in the rapidly evolving Chinese EV market. With a strong lineup of vehicles and a strategic market position, BYD is poised to maintain its lead in the coming months.
