Chinese automaker BYD has made significant strides in the electric vehicle (EV) market, tying with Tesla in third-quarter battery electric vehicle (BEV) sales, according to a report by market research organization Counterpoint Research. The data indicates that BYD’s BEV sales accounted for 17 percent of the global market, setting the stage for the company to surpass the US automaker in the fourth quarter and claim the top spot globally.
Experts highlight the transformative impact of Chinese automakers like BYD on the global landscape of new-energy vehicle (NEV) sales. Fueled by technological breakthroughs and robust domestic market support, China’s auto industry is poised to sustain growth, contributing to both exports and domestic consumption.
China’s Ministry of Public Security reported that, as of the end of September, the country’s ownership of pure electric vehicles (BEVs) reached 14.01 million, comprising 76.9 percent of the total number of NEVs.
BYD, in a statement to the Global Times, disclosed that its new-energy passenger car exports exceeded 200,000 units from January to November, nearly quadrupling the figures from the entire year of 2022. The company has strategically expanded its overseas passenger car business, reaching more than 50 countries and regions, including Australia, Singapore, Thailand, Japan, and Brazil.
Zhang Xiang, president of the New Energy Vehicle Technology Research Institute at Jiangxi New Energy Technology Vocational College, attributes BYD’s third-quarter success to its independence in new-energy core technologies, such as batteries, motors, and electronic controls. These advancements, deemed more cost-effective than Tesla’s, have contributed to BYD’s competitive edge.
Counterpoint Research underscores China as the world’s largest market for BEVs, with domestic sales growing by 11 percent year-on-year in the third quarter. Notably, China’s NEV exports witnessed a four-fold increase during the same period.
The China Association of Automobile Manufacturers (CAAM) predicts that total vehicle sales in China for the year will likely reach 30 million units, reflecting an 11.7 percent year-on-year increase. NEV sales are projected to reach 9.4 million, marking a substantial 36.5 percent increase.
From January to November, China’s automobile exports surged by 58.4 percent year-on-year, reaching 4.41 million units. NEV exports experienced an even more remarkable increase, soaring by 83.5 percent to 1.091 million units, according to CAAM data.
China’s dominance in the automobile sector has been underscored by its surpassing Japan in automobile exports in the first half of the year. The country now holds the titles of the world’s largest vehicle producer, consumer, and exporter, as reported by Xinhua News Agency.