BYD has caught up with Tesla's 17 percent share of the global BEV market in the third quarter and is expected to overtake Tesla as the global leader in the fourth quarter, Counterpoint Research said.
Strong vehicle sales gave BYD (OTCMKTS: BYDDF) a new high share of the global battery electric vehicle (BEV) market in the last quarter.
BYD Auto, excluding Denza, caught up with Tesla in global BEV market share in the third quarter and is expected to overtake Tesla as the global leader in the fourth quarter, market researcher Counterpoint Research said in a report released December 18.
BYD and Tesla both had a 17 percent share of the global BEV market in the third quarter, the top two, according to Counterpoint. Their shares in the same period last year were 13 percent and 17 percent, respectively.
BYD ceased production and sales of cars powered entirely by internal combustion engines in March 2022, switching to focus on the production of BEVs and plug-in hybrid vehicles (PHEVs).
The Chinese NEV giant sold 822,094 passenger NEVs in the third quarter, including 431,603 BEVs, and 390,491 PHEVs, according to figures it previously announced.
The figures released by BYD include Denza, which sold 35,817 BEVs and PHEVs in the third quarter, according to data monitored by CnEVPost.
Tesla, whose models are all BEVs, delivered 435,059 units worldwide in the third quarter.
Tesla has a factory in Shanghai that produces the Model 3 and Model Y. In the third quarter, it delivered 139,624 vehicles in China, which accounted for 32.1 percent of its global deliveries.
Unlike Tesla, which has only a few models, BYD Auto's model range includes the Dynasty and Ocean series, each of which in turn includes several families of models.
BYD's Model 3 competitor is primarily the Seal, which initially went on sale in China on July 29, 2022, with deliveries beginning last August.
The Seal was initially offered only in BEV versions, and BYD made the hybrid version of the Seal DM-i available on September 6.
The Seal family sold 25,777 units globally in the third quarter, the vast majority of which were sold in China, as exports are currently a tiny contributor to BYD's sales.
The Tesla Model 3 sold 23,447 units in China in the third quarter, according to data monitored by CnEVPost.
Tesla Shanghai plant has a pattern of producing cars for export in the first half of the quarter and for the local market in the second half, which has led to large fluctuations in Tesla's monthly sales in China.
The Tesla Model Y and BYD Song family models are the two best-selling SUVs in China, according to the China Passenger Car Association (CPCA).
The Model Y sold 116,177 units in China in the third quarter. The BYD Song family sold 172,038 units, including a small number exported.
BYD Song family models include the Song Pro DM-i and Song Max DM-i in the Dynasty lineup, and the Song Plus EV and Song Plus DM-i in the Ocean lineup. The DM-i models are BYD's hybrids, and the EVs are BEVs.
BYD officially launched the Song L BEV in China on December 15, the latest addition to the Song family.
China is now the largest EV market, accounting for 58 percent of the global BEV share in the third quarter, with the US accounting for about 12 percent, according to Counterpoint.
Top sellers of NEVs in China in Nov: BYD No. 1 with 31.3% share, Tesla No. 2 with 7.8%
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