Chinese electric vehicle brand BYD is achieving overwhelming results in the global electric vehicle market. On May 9, electric vehicle media CleanTechnica reported that BYD sold more than 350,000 electric vehicles in March, increasing its overseas sales from 10% last year to 21%. Tesla sold 151,000 units, but showed a downward trend, down 10% from the same period last year.
BMW ranked 5th and 6th, respectively, with 55,000 units sold thanks to the popularity of the i4 and iX1, and Volkswagen recorded 52,000 units sold due to brisk sales of the ID series. In particular, Volkswagen group’s Cupra, Skoda, and Porsche also showed strength, posting record sales. Mercedes-Benz ranked 7th, selling 38,000 units, while Hyundai and Kia recorded 26,000 and 29,000 units, respectively, consolidating their positions in the compact electric vehicle market.
BYD aims to sell 5.5 million units this year, of which 800,000 will be sold in overseas markets. Tesla is struggling with a 13% decline in performance during the first quarter, while Volkswagen Group remains in fourth place with a 7.4% market share. Meanwhile, BMW is chasing Volkswagen with a 3.8% market share.
As the gap between BYD and Tesla in the electric vehicle market gradually widens, traditional automakers such as Volkswagen and BMW are continuing to counterattack. In particular, South Korean brands are also showing a strong presence in the market as Hyundai and Kia’s compact electric vehicle strategies are successful.
