China-based New Tesla rivals see sales surge as BYD leads

HONG KONG, Not just Chinese BYD, three of Tesla's other rivals saw sales in June as demand for EVs surged in China. Beijing-based Li Auto delivered 32,575 vehicles last month.

Shanghai-based Nio delivered 10,707 cars in June, three-quarters more than it did a month ago, while Guangzhou-based Xpeng delivered 8,620 cars, a record so far in 2023. This is the highest level of monthly sales.

Data From CPCA

Tesla, which is listed on the stock exchange in Hong Kong and New York by three big energy companies, is seen as China's best answer to Elon Musk's Tesla. However, Tesla did not disclose its monthly sales in the Chinese market. However, data from the China Passenger Car Association (CPCA) showed that Shanghai Gigafactory delivered 42,508 vehicles in May, up 6.4% month on month.

One out of every seven cars sold in the first quarter of this year was electric. China's BYD dominated the market with a 21.1% market share, while Tesla was second with a 16% market share. Global electric passenger car sales will increase by 32% year-on-year in the first quarter of 2023. According to Counterpoint Research, battery electric vehicles (BEVs) accounted for 73% of all EV sales this quarter, with plug-in hybrid electric vehicles (PHEVs) making up the rest.

In the first quarter of 2023, the USA surpassed Germany as the world's second largest electric vehicle market, while China maintains its dominant position.