Summary
- Geely is rising as one of the top selling auto brands
- BYD achieved record sales of 485,000 registrations, mostly in the domestic market
- Tesla had fluctuating sales in 2024 but expects growth in 2025 with the Model Y refresh
- Chinese brands like Wuling, Li Auto, and Xpeng also saw record sales
- Geely-Volvo emerged as the third top-selling auto group, showing growth potential for the future
Article
Geely, a Chinese auto brand, is making strides in the electric vehicle market with record-breaking sales numbers. In November, BYD, another Chinese brand, set a new record with 485,000 registrations. Tesla, on the other hand, experienced fluctuating sales in the same period. Geely secured the third position with over 89,000 registrations, followed by Wuling in fourth place. Despite not hitting a record, Li Auto saw a solid 20% year-over-year increase in sales. Other Chinese brands like Leapmotor, Xpeng, Deepal, and Zeekr also achieved record sales numbers.
BYD leads the Year-to-Date sales table, with Tesla following closely behind. The Chinese brand has a significant lead over BMW in fourth place, indicating its strong position in the market. Geely is quickly climbing up the ranks, surpassing Li Auto to secure the fifth position. Leapmotor is also making significant progress in sales, climbing to the twelfth position. Chery and other Chinese brands are also rising in the rankings, showcasing the dominance of Chinese automakers in the EV industry.
Looking at registrations by OEM, BYD has gained market share, increasing from 22.1% to 24.4%. Tesla’s market share has decreased to 10.4%, while Geely-Volvo has shown growth, reaching an 8.2% share. Volkswagen Group and SAIC follow closely behind, with SAIC benefiting from Wuling’s positive results. Legacy OEMs like BMW, Hyundai-Kia, and Stellantis are facing challenges in maintaining market share against the rising Chinese startups. Geely’s growth trajectory suggests that it could potentially surpass Tesla in the coming years.
In terms of BEV sales, Tesla remains the leader with a 16.5% share, although it has lost some market share compared to the previous year. BYD is steadily gaining ground and is expected to surpass Tesla in the first half of 2025. Geely-Volvo and SAIC are also showing significant growth in BEV sales, positioning themselves as strong contenders in the market. Volkswagen Group, BMW Group, and Hyundai-Kia are steady in their positions, but facing challenges from the growing competition in the EV sector.
Overall, the EV market is seeing a shift in dynamics with Chinese brands like BYD, Geely, and others leading the charge. Tesla’s market share is declining, while Geely-Volvo and SAIC are gaining momentum. The competition is fierce among OEMs, with legacy automakers facing challenges in the evolving market landscape. Geely’s consistent growth and potential to challenge Tesla’s position indicate the changing tides in the electric vehicle industry. The future promises continued growth and advancements in EV technology, with Chinese brands playing a significant role in shaping the market.
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