China NEV Market

China's NEV production reached 8.91 million units in 2023, up 34.15 percent year-on-year.

In the January-May period, BYD was No. 1 in China's NEV market with a 34.0 percent share, while Tesla was No. 3 with 6.7 percent.

In the January-April period, BYD came in first in China's NEV market with a 34.3 percent share, while Tesla was No. 4 with a 6.7 percent share.

In the January-March period, BYD was No. 1 with a 33.1 percent share, while Tesla was No. 3 with a 7.5 percent share.

BYD's chairman predicted a month ago that China's monthly NEV penetration rate would exceed 50 percent within this year, and now he expects that figure to be seen within the next three months.

In the January-February period, BYD topped China's NEV market with a 30.8 percent share, while Tesla came in fourth with 6.6 percent.

China will tweak its policy to give the three centrally-administered automakers a separate assessment of their NEV businesses, a senior official said.

Among the top 5, Tesla only produces BEVs, while the other automakers produce both BEVs and PHEVs.

BYD is China's largest NEV maker, capturing 35 percent of the country's NEV market in 2023.

The previous target was for the figure to reach 40 percent by 2030 and 50 percent by 2035.