BYD Remains Dominant In China's NEV Market In May, Tesla Makes Significant Gains: Report

BYD Co., Ltd. (OTC:BYDDY), Tesla, Inc.’s (NASDAQ:TSLA) leading Chinese competitor in the EV industry, maintained its dominance in China’s new energy vehicle market last month.

Despite this, Tesla made gains, climbing two spots in the rankings.

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In May, BYD’s retail sales of passenger NEVs in China reached 268,226 vehicles, solidifying its top position with a 33.4% market share, CnEV Post reported, citing data from the China Passenger Car Association.

According to data compiled by CnEVPost, Tesla China sold a total of 72,573 vehicles in May. Of that amount, Tesla sold 55,215 vehicles within China. It exported up to 17,358 vehicles.

Tesla’s retail sales in China during May reached 55,215 vehicles. This marks a 29.9% increase from the previous year, securing third place with a 6.9% share in the NEV market.

In May, China’s retail sales of passenger NEVs surged to 804,000 units. This marks a 38.5% year-on-year increase and an 18.7% rise from April, as per CPCA data released on June 11.

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From January to May, BYD secured the top spot in China’s NEV market with a 34% share, while Tesla claimed the third position with 6.7%.

In China, NEVs encompass battery electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs), and fuel cell vehicles.

BYD manufactures both PHEVs and BEVs, while Tesla exclusively produces BEVs, the report added.

Price Action: TSLA shares are trading higher by 6.44% to $188.92 premarket at last check Thursday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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