Chinese automakers are becoming a serious threat in the global electric vehicle market. For the first time in history, half of the world's top ten leaders in electric vehicle sales are from China. Yes, BYD is rapidly closing the gap with Tesla, and Chinese tech giant Xiaomi has surpassed Toyota in electric vehicle sales after launching its first model in April.
China remains the leader in the global electric vehicle market, but given the new wave of domestic competition, companies such as BYD and Geely are actively entering international markets. According to MarkLines, 2.52 million electric vehicles were sold in 55 global markets in the third quarter of 2024. Tesla takes first place with 432,000 vehicles sold between July and September, which is a 2% increase year-on-year.
In second place is BYD, which has shown significant growth. The company's sales in the third quarter increased by 9% and reached 424,000 units. The leading Chinese manufacturer of electric cars continues to strengthen its position in the global ranking.
Chinese technology giant Xiaomi, which launched its first electric car SU7 on March 28, 2024, has already surpassed the sales of companies such as Toyota. In just six months after its debut, Xiaomi managed to overtake many of the world's leading automakers. According to forecasts by AlixPartners, by 2030, Chinese brands will control more than a third of the global electric vehicle market.