BYD(SZ:002594) Zhi Tong Cai Jing·2025-12-11 02:07Core Insights - The global electric vehicle (EV) market is experiencing significant growth, with a projected 32% year-on-year increase in new energy vehicle sales by Q3 2025, driven primarily by battery electric vehicles (BEVs) which account for two-thirds of global EV sales [1] - China remains the key driver of global BEV sales, contributing 60% of the total, followed by Europe and the United States [1] Group 1: Global EV Market Overview - BEVs achieved a record penetration rate of 18% of global passenger car sales in Q3 2025, up from 14% in the same period last year [1] - Plug-in hybrid electric vehicles (PHEVs) also saw moderate growth, with a year-on-year increase of 6% [1] - The top three best-selling electric vehicles in Q3 2025 were Tesla Model Y, Geely Galaxy, and Tesla Model 3 [1] Group 2: BYD Automotive - BYD maintained its position as the global leader in BEV sales with nearly 600,000 units sold in Q3 2025, reflecting a 33% year-on-year growth [2] - The company performed strongly in overseas markets, with exports exceeding 150,000 units, contributing 27% to its overall sales [2] - BYD's competitive advantage lies in its diverse product offerings in both BEVs and PHEVs, particularly in the compact SUV and sedan segments [2] Group 3: Geely Holding - Geely Holding ranked third in the global BEV market with a 10% market share, achieving a 51% year-on-year increase in BEV sales in Q3 2025 [3] - The company's brands, including Yinhe and Zeekr, excelled in the affordable and mid-range electric vehicle markets in China [3] - Geely's strategy of combining affordable pricing with advanced software has helped it gain consumer favor in a competitive market [3] Group 4: Tesla - Tesla ranked second globally with over 13% market share, experiencing a 7% year-on-year increase in sales in Q3 2025 [4] - The sales boost for Tesla was largely attributed to the strong performance of the refreshed Model Y and the introduction of a long-wheelbase version of Model Y in China [4] - Increased sales in the U.S. market were driven by consumer purchases ahead of the anticipated cancellation of EV tax credits in October 2025 [4]