BYD Leads China’s Electric Vehicle Market Amid Evolving Competition

BYD‘s dominance in China’s electric vehicle (EV) market remained unchallenged in August, continuing its substantial lead among competitors. Data from José Pontes, data director at EV Volumes, revealed that BYD held a commanding 32.3% of all battery-electric vehicle (BEV) and plug-in hybrid (PHEV) sales in the first eight months of 2024.

This figure marks a 0.9 percentage point increase, further solidifying BYD’s leading position with a significant 25.9 percentage point advantage over the brand ranked second. The brand’s comprehensive product range, including popular PHEVs like the Seal U DM-i, has made it more accessible to consumers reluctant to commit to solely BEVs, thus reinforcing its market dominance.

Following BYD, Tesla, which markets exclusively BEVs, saw a slight decrease in its market share to 6.4% from 6.5% in the previous months. Meanwhile, Wuling benefitted from robust sales of its Bingo and Mini EV models, increasing its share to 5.1%, surpassing Li Auto, which maintained a consistent 4.7%, buoyed by the steady popularity of its L6 model.

In fifth place, Geely’s Galaxy E5 and Panda Mini models showed strong performance, driving its market share up by 0.2 percentage points to 4.2%, overtaking Aito, which declined to a 4.1% share from 4.4% the previous month. Aion holds seventh place at 3.7% without significant new model releases to improve its standing.

On aggregating brands by their parent companies, BYD, including its subsidiaries, led with a 34% market share for the same period, a 0.6 percentage point increase from July. Denza, Fang Cheng Bao, and Yangwang, however, contributed less to this growth, suggesting limited impact on the group’s overall profit margins.

Geely-Volvo emerged as the second-largest player by parent company, with a 7.8% share, though its growth was hampered by brands like Zeekr, which experienced slower sales. Tesla followed in third with 6.4% market share, while SAIC took fourth, holding 6.2% of sales through August but faced challenges due to underperformance from associated brands like MG and Maxus. Although its new brand, IM Motors, increased its sales, the numbers were insufficient to offset broader market challenges.

Changan ranked fifth, slightly sliding to 5.8% from July’s 6.2%, while GAC, in sixth, maintained a 4.6% market share, ensuring Changan’s position in the top five remains secure.