BYD electric vehicles will challenge Tesla’s sales throne in the third quarter of 2023

Since 2019, Tesla has been dominating the pure electric vehicle market. However, with the rise of Chinese car company BYD, the market structure has changed significantly

According to the latest market survey report released by Counterpoint Research, global passenger pure electric vehicle (BEV) sales increased by 29% year-on-year in the third quarter of 2023. Surprisingly, BYD's BEV sales have caught up with Tesla's and are expected to surpass Tesla in the fourth quarter of this year to become the world's highest-selling pure electric vehicle brand

According to my understanding, the report is detailed It is pointed out that China is the world's largest pure electric vehicle market. Although affected by a variety of factors, sales of pure electric vehicles in China only increased by 11% in the third quarter, lower than the global average. However, in overseas markets, the sales of pure electric vehicles of Chinese brands have exceeded 130,000 units, an increase of 4 times compared with the same period last year!

Specific to brands and models, BYD (excluding Denza) sales increased by 68% year-on-year, and has caught up with Tesla. BYD's share of the global pure electric vehicle market reached 17%, an increase of 4 percentage points from the same period last year. The third place is Volkswagen, accounting for 8%, followed closely by brands such as Geely, Trumpchi and Hyundai

Tesla and BYD globally The top five best-selling pure electric models occupy all seats. Tesla's Model Y tops the list, followed by BYD Yuan PLUS (ATTO 3), and Tesla's Model 3 ranks third. BYD's Dolphin and the newly launched Seagull ranked fourth and fifth respectively. Market competition is extremely fierce, and the rise of Chinese car companies in the global pure electric vehicle market has become a trend that cannot be ignored

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