Battery-powered vehicles continue to gain traction in China, a global leader in electrified vehicle (EV) sales. According to analytics firm Roh Motion, approximately 17.1 million electrified vehicles were sold worldwide in 2024, with China accounting for about 11 million of these sales. This marks a 40 percent year-over-year growth. While China remains at the forefront of the EV market, the question remains: which automakers are driving this surge?
BYD Dominates the Market
In China, BYD stands out as the leader in the new-energy vehicle (NEV) market, which includes electric vehicles (EVs), plug-in hybrids (PHEVs), range-extended electrics, and hydrogen fuel cell vehicles. In March 2024, BYD captured more than 29 percent of the NEV market share, selling over 290,000 units. This marks an 11.5 percent increase compared to the same month in 2023.
Geely and Tesla Follow
Trailing BYD in second place was Geely, with a 11.2 percent share, or approximately 111,000 units sold. Geely saw a remarkable 165.3 percent jump in sales compared to March 2023. Surprisingly, Tesla ranked third, with over 74,000 units sold, showing a 19 percent year-over-year increase. Despite the growth, Tesla’s market share dropped to 7.5 percent from 8.8 percent the previous year, indicating that while sales increased, the brand’s portion of the overall market shrank.
Other Key Players
After the top three, several other automakers are also making significant strides. SAIC-GM-Wuling holds a 7 percent share, followed by Changan with 6.2 percent, Chery at 4.5 percent, and Li Auto with 3.7 percent. The top 10 sellers in March were rounded out by Leapmotor (3.4 percent), GAC Aion (3.3 percent), and Xpeng (3 percent).
Strong First-Quarter Performance
Looking at the first quarter of 2025, BYD maintained its dominance with a 28.8 percent market share, having sold over 696,000 units between January and March. Geely remained in second with 13.3 percent, while SAIC-GM-Wuling and Changan both captured 6.5 percent each. Tesla came in fifth place with 5.6 percent, delivering 134,607 units.
A Dynamic and Diverse Market
The Chinese EV market is vast and diverse, with a wide range of products and manufacturers. As sales continue to rise, it will be intriguing to observe whether these trends persist and whether China’s automotive industry eventually consolidates, as seen in other major global markets.
