BYD, a prominent player in China’s burgeoning new energy vehicle (NEV) sector, maintained its lead in February despite a decline in sales compared to the previous year.
According to data released on March 11 by the China Passenger Car Association (CPCA), BYD secured the top spot in the NEV market with retail sales of 118,802 passenger NEVs in February, commanding a 30.6 percent market share. Despite experiencing a 32.8 percent year-on-year decrease in retail sales, BYD remained the sole contender with a market share exceeding 30 percent.
Earlier figures released by BYD this month revealed a total of 122,311 NEVs sold in February, marking a 36.84 percent decrease year-on-year and a 39.30 percent drop from January. These figures encompass wholesale sales encompassing both passenger cars and commercial vehicles.
In February, China witnessed retail sales of 388,000 passenger NEVs, reflecting an 11.6 percent decrease compared to the previous year and a significant 42.1 percent decline from January, according to CPCA data released on March 8.
Geely Auto emerged as the second-largest player in China’s NEV market in February, with retail sales of 31,364 NEVs, representing a robust 43.9 percent increase from the previous year and securing an 8.1 percent market share.
Tesla, despite a year-on-year decline of 11.1 percent, ranked third in the market with retail sales of 30,141 units in February, commanding a 7.8 percent market share.
It is important to note that NEVs in China encompass battery electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs), and fuel-cell vehicles. While BYD and Geely manufacture PHEVs and BEVs, Tesla exclusively produces BEVs.
Tesla’s China-made vehicles totaled 60,365 in February, inclusive of 30,224 vehicles exported, as per CPCA data released earlier this month.
Li Auto secured the seventh position in China’s NEV market in February with 20,251 retail sales and a 5.2 percent share. The company’s primary models include the Li L7, Li L8, and Li L9, all extended-range electric vehicles (EREVs), which are PHEVs. Li Auto launched the Li Mega BEV on March 1, with deliveries commencing on March 11.
Nio, solely focused on BEVs like Tesla, claimed the tenth spot in China’s NEV market in February with retail sales of 8,132 units and a 2.1 percent share.
In the January-February period, BYD retained its dominance in China’s NEV market, recording 325,706 retail sales and a 30.8 percent market share.
Tesla secured the fourth position in China’s NEV market during January-February, with 70,022 retail sales and a 6.6 percent share.
In the broader passenger car market encompassing traditional fuel vehicles, BYD maintained its lead in February with a 10.8 percent market share in retail sales.
FAW-Volkswagen and Geely followed closely, securing the second and third positions with 8.4 percent and 7.9 percent market shares, respectively.
During January-February, BYD continued to dominate the overall passenger car market with a 10.4 percent share, followed by Changan and Geely with 8.9 percent and 8.7 percent shares, respectively.
