Workers assemble new-energy vehicles (NEVs) at a plant in Southwest China's Chongqing Municipality to fill overseas orders on September 21, 2023. NEV exports totaled 727,000 units in the first eight months of 2023, up 110 percent year-on-year, data from the China Association of Automobile Manufacturers showed. Photo: VCG

 
Chinese automaker BYD's third-quarter battery electric vehicle (BEV) sales tied Tesla's, reaching 17 percent of the global BEV market, and the company is expected to overtake the US automaker in the fourth quarter to become the global leader, a report by market research organization Counterpoint Research showed.

Experts said that with the rise of Chinese automakers like BYD, the global landscape of new-energy vehicle (NEV) sales has changed. Thanks to technological breakthroughs and domestic market support, China's auto industry will maintain growth momentum and further drive the country's exports and domestic consumption, they said.
 
China's Ministry of Public Security said that at the end of September, China's ownership of pure electric vehicles, or BEVs, stood at 14.01 million, or 76.9 percent of the total number of NEVs.

BYD said in a statement sent to the Global Times that from January to November of this year, its new-energy passenger car exports exceeded 200,000 units, close to four times the full year of 2022.

In recent years, BYD has expanded its overseas passenger car business to more than 50 countries and regions such as Australia, Singapore, Thailand, Japan and Brazil.

"The third-quarter achievement of BYD can be attributed to its independence in terms of new-energy core technology advantages such as batteries, motors and electronic controls, which are more cost-effective than Tesla," Zhang Xiang, president of the New Energy Vehicle Technology Research Institute, Jiangxi New Energy Technology Vocational College, told the Global Times on Wednesday.

According to Counterpoint Research, China is the world's largest market for BEVs. In the third quarter, domestic sales grew by 11 percent year-on-year, while exports showed a four-fold increase.
 
Due to the record high production and sales of China's auto industry and its improving exports, the China Association of Automobile Manufacturers estimated that total vehicle sales this year will likely reach 30 million units, up 11.7 percent year-on-year. Sales of NEVs will reach 9.4 million, up 36.5 percent.

From January to November, China exported 4.41 million cars, up 58.4 percent year-on-year. NEV exports reached 1.091 million, soaring 83.5 percent, CAAM data showed.

China's automobile exports in the first half of the year exceeded Japan's and jumped to the top of the world. China has become the world's largest vehicle producer, consumer and exporter, the Xinhua News Agency reported.

Global Times