When I saw the latest new energy vehicle insurance registrations in China, my first reaction was just wonderment at how much BYD dominates the market. But then I was like, “well, this is nothing new — BYD’s been dominating this market for a while.” So, I moved on from the idea of writing about that., I thought that maybe BYD’s dominance in China really had grown a lot recently.
The company’s results in August really do stand out. It rose to 20% of the Chinese auto market . That was up from 18.1% in July, which was up from 15.9% in June, which was up from 15.7% in May. So, that’s 3 months of consecutive growth, going from 15.7% to 20%! Perhaps even more impressively, the company’s share of the Chinese auto market nearly doubled since the beginning of the year, going from 10.2% auto market share in January 2024 to 19.9% auto market share in August 2024, with almost constant growth across that time period.
Naturally, being a 100% plugin vehicle company, its share of the NEV market is much larger. It reached 37% in August, up from 35.5% in June, which was up from 32.7% in June. Though, overall, it’s share of the NEV market hasn’t grown nearly as much as its share of the broader Chinese auto market. It rose from 31% in January to 37% in August.
BYD’s growth is phenomenal. How high can it actually go, though? Can it rise to 30% share of the Chinese auto market or higher? We shall see.Zach is tryin' to help society help itself one word at a time. He spends most of his time here onas its director, chief editor, and CEO. Zach is recognized globally as an electric vehicle, solar energy, and energy storage expert.
Canada Canada Latest News, Canada Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: ksatnews - 🏆 442. / 53 Read more »