BYD (HKG: 1211, OTCMKTS: BYDDY) and Tesla (NASDAQ: TSLA) have emerged as the top two players in the global battery electric vehicle (BEV) market in the first quarter of this year, according to a report by market research firm TrendForce. The report highlights that global sales of new energy vehicles (NEVs), including BEVs, plug-in hybrid electric vehicles (PHEVs), and hydrogen fuel cell vehicles, reached 4.02 million units in the first quarter, marking a significant 39 percent increase from the previous year.
In the BEV market, BYD claimed the top spot with a 15.4 percent market share, while Tesla closely followed with a 12.6 percent share. It is noteworthy that BYD produces both BEVs and PHEVs, whereas Tesla focuses solely on BEVs. BYD’s impressive performance in the first quarter is attributed to the sale of 986,098 passenger NEVs, comprising 416,388 BEVs and 569,710 PHEVs. On the other hand, Tesla reported global deliveries of 336,681 units during the same period.
Following BYD and Tesla in the BEV market rankings are Geely, SAIC-GM-Wuling, and Volkswagen, securing the third, fourth, and fifth positions, respectively. Xpeng, Xiaomi, and Leapmotor also made it to the top 10 list, showcasing their growing presence in the global NEV market.
In the PHEV market segment, BYD continued its dominance by capturing a substantial 38.7 percent share in the first quarter. Li Auto emerged as the second-largest PHEV producer with a 6.7 percent market share, primarily selling extended-range electric vehicles (EREVs) such as the Li L9, Li L8, Li L7, and Li L6. Geely secured the third spot with a 5.9 percent market share, thanks to a significant increase in sales of the Geely Galaxy lineup.
Other notable players in the PHEV market include Chery, Aito, and Changan, ranking fourth, seventh, and eighth, respectively. Their market shares ranged from 2.6 percent to 3.6 percent, highlighting the diverse competition in the rapidly evolving NEV industry.
Overall, the first quarter of 2025 has showcased the continued growth and competitiveness of the global NEV market, with BYD and Tesla leading the charge in the BEV segment. As the demand for sustainable transportation solutions rises, manufacturers are intensifying their efforts to innovate and capture a larger share of this burgeoning market.
