BYD, Tesla top global BEV makers in Q1, says TrendForce

• BYD ranked No. 1 in the global BEV market in the first quarter with a 15.4 percent share, while Tesla was No. 2 with 12.6 percent.
• In the PHEV market, BYD was No. 1 with a 38.7 percent share and Li Auto was No. 2 with 6.7 percent.

BYD (HKG: 1211, OTCMKTS: BYDDY) and Tesla (NASDAQ: TSLA) were the world’s two largest battery electric vehicle (BEV) producers in the first quarter, according to market research firm TrendForce.

Including BEVs, plug-in hybrid electric vehicles (PHEVs), and hydrogen fuel cell vehicles, global sales of new energy-vehicles (NEVs) in the first quarter amounted to 4.02 million units, up 39 percent from a year earlier, TrendForce said in a report today.

NEVs contributed 18.4 percent of total global vehicle sales in the same period, according to the report.

BYD was No. 1 with a 15.4 percent share of global BEV sales in the first quarter, while Tesla was No. 2 with 12.6 percent.

BYD produces BEVs and PHEVs, while Tesla only produces BEVs.

BYD sold 986,098 passenger NEVs in the first quarter, including 416,388 BEVs and 569,710 PHEVs, according to its previously announced figures.

Tesla’s global deliveries in the first quarter were 336,681 units.

Geely, which includes Geely and the Geely Galaxy lineup, was third in the global BEV market in the first quarter, with a 6.9 percent share, according to TrendForce.

The Geely Xingyuan and Geely Galaxy E5, both launched in the second half of 2024, continued to sell well through the first quarter of 2025, with overall sales up 443 percent year-on-year, TrendForce noted.

SAIC-GM-Wuling was No. 4 in the global BEV market with a 6.6 percent share, and Volkswagen was fifth with a 4.0 percent share.

Also in the top 10 was Xpeng (NYSE: XPEV) at No. 6 with a 3.5 percent share, with nearly 50 percent of its sales in the first quarter contributed by the affordable Mona M03 sedan.

Xiaomi (HKG: 1810, OTCMKTS: XIACY) was No. 8 with 2.8 percent share, and it was the only one with just one model, TrendForce said.

Leapmotor (HKG: 9863) was No. 9 with 2.4 percent share.

In the PHEV market, BYD continued to top the list with a 38.7 percent share in the first quarter.

Li Auto was second with a 6.7 percent market share. The company sells predominantly extended-range electric vehicles (EREVs), including the Li L9, Li L8, Li L7 and Li L6.

Geely ranked third in the PHEV market in the first quarter with a 5.9 percent share, largely due to a 158 percent year-on-year rise in Geely Galaxy lineup sales in the first quarter, according to TrendForce.

Chery, Aito, and Changan ranked 4th, 7th, and 8th with 3.6 percent, 3.2 percent, and 2.6 percent shares, respectively.