According to a recent report by Electric, a leading EV industry publication, Chinese automakers are rapidly gaining global competitiveness in the electric vehicle (EV) market.
Half of the top 10 EV sellers are now Chinese companies. BYD is hot on Tesla’s heels, while Xiaomi has surpassed Toyota in sales after launching its first model.
Data from MarkLines, a Japanese automotive research firm, reports that 2.52 million EVs were sold across 55 global markets in the third quarter. Tesla led with 432,000 units sold, closely followed by BYD at 424,000 units.
In March, Xiaomi overtook Toyota just six months after debuting its first EV, the SU7. AlixPartners predicts Chinese brands will capture over a third of the global EV market by 2030.
China’s dominance extends to the battery sector. CnEVPost forecasts that by October 2024, Chinese giants CATL and BYD will control over 50% of the global EV battery market.
Meanwhile, American and European automakers are losing ground. General Motors ranked fourth with 184,000 units sold, while Volkswagen slipped to fifth place as sales dropped 17% to 170,000 units.
Japanese brands face even greater challenges in the EV transition, failing to crack the top 20. Nissan sold 34,000 units, ranking 22nd, with Toyota and Honda following at 23rd and 24th, respectively.
Most Commented