Korean Media: BYD Surpasses Tesla to Claim Global Pure Electric Vehicle Sales Crown!
On October 10, South Korean media outlet *Herald Economic* published an article stating that although the global battery electric vehicle market continues to grow at double-digit rates, Chinese automaker BYD, as the sales leader, saw a slight decline in its sales compared to the same period last year.
Data from market research firm Counterpoint Research indicates that global pure electric vehicle (BEV) sales rose by 24% in the second quarter of this year compared to the same period last year.
BEVs accounted for two-thirds of total electric vehicle sales and drove the growth. In contrast, plug-in hybrid and extended-range electric vehicle sales remained stagnant. The share of BEVs in global passenger vehicle sales increased from 16% to 19% compared to the same period last year.
By country, China led the growth, capturing 56% of global BEV sales, followed by Europe and the United States. Among individual models, the Tesla Model Y, Geely Galaxy Starway, and Tesla Model 3 were the top-selling vehicles.
From a company perspective, BYD led in the second quarter with a market share of 13%, recording approximately 600,000 BEV sales. This represents an 8% decline compared to the same period last year, with BEVs accounting for 51% of the company’s total electric vehicle sales. Meanwhile, BEV export volumes declined by 15% during the same period.
Counterpoint Research noted that BYD’s diversified product portfolio—spanning pure electric, plug-in hybrid, and extended-range electric vehicles—is a key competitive advantage. Its price competitiveness, large-scale production capacity, and high degree of vertical integration underpin its market position.
Tesla ranked first in market share in the first quarter but dropped to second place in the second quarter, with its share falling to 12%. This shift was primarily driven by the expiration of U.S. electric vehicle tax credits and intensified competition, leading to a roughly 20% decline in sales within the American market. However, strong demand for the Model 3 and Model Y enabled Tesla’s overall sales to increase by 25% year-on-year, with these two models accounting for over 97% of deliveries in the second quarter.
Counterpoint Research assessed that despite increasing competition in price-sensitive markets from Chinese manufacturers, Tesla is pursuing differentiation through software capabilities, its charging network, autonomous driving technology, and production efficiency. At the same time, the company is expanding into new areas such as low-cost electric vehicles, robotaxis, and artificial intelligence.
Geely Group secured third place with a 9% market share, marking a 5 percentage point increase year-on-year. This growth was largely attributable to strong performance by its Galaxy and Zeekr brands in China’s entry-level and mid-tier electric vehicle segments, with the Galaxy brand accounting for approximately half of the group’s total BEV sales.
Original source: toutiao.com/article/1878624547076163/
Disclaimer: The views expressed in this article are those of the author and do not necessarily reflect the official stance of any organization.