Core Viewpoint - The global electric vehicle (EV) market is entering a "China-dominated era," characterized by a fundamental restructuring of the industry landscape, with Chinese brands outperforming traditional giants in sales, technological innovation, and cost control [4][5]. Market Performance - In April 2025, global sales of pure electric vehicles reached 1.0797 million units, a year-on-year increase of 38%, with China contributing over 60% of the sales and experiencing a growth rate of 51% [1][3]. - China's EV sales reached 662,500 units, with a penetration rate increasing from 22.4% to 30.2% year-on-year [7]. - The European market saw sales of 214,300 units, a 30% increase, with a penetration rate of 19.9% [7]. - The U.S. market, however, showed a decline, with sales of 95,400 units, down 4%, and a penetration rate dropping from 7.4% to 6.5% [7]. Brand Rankings - BYD led the global EV manufacturers with sales of 181,009 units and a market share of 17%, marking a 40% year-on-year increase [8][12]. - Geely followed with sales of 100,764 units and a market share of 9%, significantly up from 39,400 units last year [9][12]. - General Motors ranked third with sales of 96,014 units [10][12]. - Tesla faced challenges, with sales of 84,780 units, a 17% decline, and a market share dropping from 10.7% to 7.9% [11][12]. Battery Technology - In April, global battery deployment reached 66,800 MWh, a 32% year-on-year increase [17]. - The market share of lithium iron phosphate (LFP) batteries rose from 35% to 44%, while the share of nickel-cobalt-manganese (NCM) batteries fell from 54% to 47%, indicating a strategic advantage for Chinese manufacturers in cost control and technology choices [19].

Core Insights - The global electric vehicle (EV) market is experiencing a significant shift towards dominance by Chinese manufacturers, with a 38% year-on-year increase in sales to 1.079 million units in April 2025, driven largely by a 51% increase in the Chinese market [1][8] - Morgan Stanley's report highlights that BYD and Geely are leading in sales, while Tesla's market share has declined from 10.7% to 7.9% [6][11] Market Performance - In April 2025, China accounted for 66.25 million units sold, a 51% increase, with a market penetration rate rising from 22.4% to 30.2% [8] - Europe saw a 30% increase in sales to 21.43 million units, achieving a penetration rate of 19.9% [8] - The U.S. market showed a decline, with sales dropping 4% to 9.54 million units and a penetration rate falling from 7.4% to 6.5% [8] Manufacturer Rankings - BYD led the global EV sales with 181,009 units and a 17% market share, followed by Geely with 100,764 units and a 9% share [11][12] - General Motors ranked third with 96,014 units, while Tesla's sales fell to 84,780 units, marking a 17% decline [11][12] - Tesla's market share in the U.S. also decreased from 46.0% to 41.0% [12] Battery Technology - The global battery deployment reached 6.68 million MWh in April, a 32% increase year-on-year [14] - The share of lithium iron phosphate (LFP) batteries rose from 35% to 44%, while nickel manganese cobalt (NMC) batteries decreased from 54% to 47%, indicating a strategic advantage for Chinese manufacturers in cost control and technology selection [16]