BYD Tops Global BEV Market in Q3 as NEV Sales Continue Rapid Growth

Global demand for new energy vehicles (NEVs) remained strong in the third quarter of 2025, with sales reaching 5.39 million units—up 31% year-on-year, according to TrendForce.

Battery electric vehicles (BEVs) accounted for 3.71 million units, marking a 48% YoY surge, while plug-in hybrids (PHEVs) grew 4% to 1.67 million units.

BYD led the global BEV market with a 15.4% share in Q3, maintaining its top position despite a quarter-on-quarter dip. Tesla followed with 13.4% and recorded a 29% sequential increase, supported by strong momentum in China and the end of key subsidies in the U.S.

Geely and Leapmotor also posted notable results, securing 6% and 4.1% market share respectively, overtaking Xpeng for the second consecutive quarter. Volkswagen dropped to seventh place due to significant declines in China that outweighed gains in Western markets. Hyundai slipped to ninth, while BMW (excluding MINI) continued to face shrinking BEV volumes.

In the PHEV category, BYD saw rising competition and market saturation in China. Although its Q3 sales improved from the previous quarter, they fell compared to last year.

AITO, Chery, and Geely climbed to second, third, and fourth positions, with Chery’s rapid growth pushing its Q3 share to 6.6%. Li Auto, previously second, recorded both quarterly and annual declines amid intensifying competition from REEV-focused rivals.

European brands such as Mercedes-Benz and BMW also weakened from the previous quarter, though they posted better results year-on-year in several Western markets.

TrendForce forecasts global NEV sales to reach 20.43 million units in 2025—up 25%—driven by strong Q3 outcomes and manufacturers’ push to meet annual targets.

For 2026, the research firm expects differing regional subsidy policies to widen global disparities. While the U.S. market may cool following the end of federal incentives, overall electrification momentum is projected to continue, with NEV sales estimated at 22.8 million units, a 12% YoY increase.