Global NEV sales up 31% in 3Q25

BYD maintained its status as the leading BEV seller in 3Q25, despite a drop in sales from the previous quarter. Tesla, holding the second place, posted a robust quarter with a 29% sequential increase, driven by the expiration of subsidies in the US and renewed growth in China. Both Geely and Leapmotor delivered outstanding results, capturing market shares of 6% and 4.1%, respectively, and surpassing Xpeng for the second straight quarter.

In the PHEV segment, BYD (brand) encountered increased saturation and fierce competition in China. Although its sales for the third quarter of 2025 showed a quarter-over-quarter improvement, they declined compared to the previous year. AITO, Chery, and Geely moved up to second, third, and fourth positions, respectively. Notably, Chery experienced rapid growth, boosting its market share to 6.6% in Q3.

TrendForce predicts that worldwide NEV sales will hit 20.43 million units in 2025, representing a 25% increase from the previous year due to robust third-quarter performance and automakers' aggressive efforts to meet year-end targets. For 2026, variations in subsidy policies and incentive structures across regions are expected to widen disparities in global electrification developments. The expiration of US subsidies is likely to weaken its domestic market. However, the global shift toward electrification persists strongly, with TrendForce projecting NEV sales reaching 22.8 million units by 2026, a 12% year-over-year increase.