Benzinga - by Anan Ashraf, Benzinga Editor. In the second quarter, global sales of battery electric vehicles (BEVs) surged, surpassing 2.15 million units, as highlighted by recent market intelligence data. Leading the pack were Tesla Inc (NASDAQ:TSLA) and Warren Buffett-backed BYD Co (OTC:BYDDY) (OTC:BYDDF).
What Happened: The latest figures indicate an impressive 39.3% year-on-year increase in BEV sales, according to TrendForce. Tesla takes the lead with a substantial market share of 21.7%, closely followed by BYD with 16.2%.
While Tesla and BYD’s dominance is hardly unexpected, the third spot is secured by GAC Aion, boasting a market share of 6%. Notably, this brand has made a significant impact, particularly within the Chinese market.
It’s worth noting that when Volkswagen (OTC:VWAGY) and its brand Audi are combined, they outweigh GAC Aion in terms of market share.
Other prominent contenders in this landscape include General Motors in partnership with SAIC Motors and Wuling, Hyundai, BMW, Mercedes-Benz and Kia.
Other NEVs: In addition to BEVs, the quarter also saw the sale of 876,000 plug-in hybrids, of which a significant 66% found buyers in the Chinese market. Within this category, BYD maintains a leading position with a substantial 36.5% market share, closely followed by Li Auto at 9.9%. Notably, Tesla exclusively focuses on battery electric vehicles, distinguishing its approach in this evolving market.
Why It Matters: GAC Aion, a division of the Chinese automaker Guangzhou Automobile Corporation (GAC), made its debut in the electric vehicle (EV) arena in 2018, and its presence has since reverberated strongly in the Chinese market.
Tesla delivered 466,140 cars in the second quarter while BYD sold 703,561 units from April to June, including both battery electric and hybrid vehicles.
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