China’s battery EV makers Zeekr and Nio are catching up much faster than expected
Just when BYD seemed to have no more records left to break in China, it has hit another high. China’s biggest maker of electric vehicles sold a record number of electric and hybrid cars in the second quarter, closing in on the sales of the world’s top EV maker, Tesla. Investor focus has been on whether BYD can overtake Tesla by sales once again, as it did in the last quarter of 2023.
That means China, which accounts for 60 per cent of global EV sales, is becoming an increasingly important market for the world’s automakers. Here, BYD is not the only one that is increasing market share. Domestic battery EV makers Zeekr and Nio are also catching up much faster than expected. The latter’s vehicle deliveries more than doubled in the second quarter, outpacing rivals.
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