BYD Extends Lead In Global BEV Sales As Tesla Posts Strong Quarterly Rebound

BYD held onto its position as the world’s top battery electric vehicle seller in the third quarter with a 15.4% market share, according to new data from TrendForce. Tesla followed at 13.4% after delivering strong quarter-on-quarter growth.

The latest global rankings highlight widening competition in the BEV and PHEV segments as major Chinese automakers accelerate production and international demand continues to expand.

BYD Maintains Global Lead As Rivals Record Rapid BEV Growth

TrendForce’s Q3 analysis shows BYD delivered 582,522 passenger BEVs, marking a 31% year-on-year increase despite a slight 4% dip from the prior quarter. Tesla followed with 497,099 global deliveries, rising 29% quarter-on-quarter as U.S. subsidy deadlines and improving China demand boosted results. Several Chinese manufacturers also posted notable gains: Geely captured 6% global share, Leapmotor reached 4.1%, while Xpeng and Xiaomi climbed to 3.1% and 2.9% respectively, according to CNEV Post.

BEV sales overall reached 3.71 million units worldwide, up 48% year-on-year, underscoring continued momentum even as individual automakers faced quarterly fluctuations. TrendForce expects global new-energy vehicle demand to continue rising into 2025, driven by expanded model availability and more competitive pricing in major markets.

PHEV Competition Intensifies As BYD Leads Segment With 27.9% Share

In the global plug-in hybrid market, BYD again led the field with 523,069 units sold in Q3, holding 27.9% share. However, the company saw a 24% year-on-year decline as China’s PHEV landscape became more saturated and new challengers emerged. Brands such as Aito, Chery, and Geely registered strong gains, with Chery’s rapid growth lifting its market share to 6.6%.

Li Auto, once dominant in extended-range EVs, saw its position weaken sharply as more automakers entered the segment. The company delivered 93,211 vehicles in Q3, representing both sequential and year-on-year declines amid fiercer competition. Global PHEV demand reached 1.67 million units in the quarter, up 4% year-on-year, contributing to a total of 5.39 million global NEV sales.

TrendForce projects worldwide NEV sales to reach 20.43 million units in 2025 and 22.8 million in 2026, signaling sustained, though moderating, growth.

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