China’s foremost electric vehicle (EV) manufacturer, BYD, has secured the leading position in the domestic auto market share for the first time.
According to the China Passenger Car Association (CPCA), on the 21st, BYD sold 263,000 units last month in China.
This is a 35.4% increase compared to the sales volume of 192,289 units in March last year. It took first place in the Chinese market with a monthly market share of 15.4%, followed by Volkswagen by 1.9 percentage points (p) with a share of 13.5% (227,921 units).
This is the first time BYD has topped the monthly market share.
Including BYD, the combined market share of local Chinese companies such as Geely and Changan was 39.8%, an increase of over 4%p from the 35.7% market share in March last year.
On the other hand, Tesla’s sales in China last month were 62,398 units, with a market share of just 3.7%. This is an 18.6% decrease compared to the 76,663 units sold in the same period last year.
Global IT companies are continuing to enter the Chinese EV market. Notable entries include Xiaomi and Huawei, which are known in Korea as manufacturers of electronic products and smartphones.
Xiaomi’s inaugural electric vehicle, the SU7, garnered 120,000 orders within three days of its launch. One of Xiaomi’s key strengths is its seamless integration of the car’s operating system (OS) with smartphones. Meanwhile, Huawei, formerly a manufacturer of smartphones and 5G communication equipment, sold 31,727 units of its EV, the Aito, in China last month.
“Chinese consumers, who are generally younger than their counterparts in developed nations, prioritize smart car features such as autonomous driving,” remarked Park Yeon Ju, a researcher at Mirae Asset Securities. “Xiaomi’s software (SW) competitiveness and swift market response are anticipated to give it an edge over traditional automotive companies.
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