Global NEV Sales Grow 30% in 2Q25, BYD Leads While Tesla Declines

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TrendForce’s latest research reveals that global NEV sales, including BEVs, PHEVs, and FCVs, reached 4.868 million units in the second quarter of 2025, up 30% YoY. When HEVs are included, total EV sales climbed up to 6.456 million units, accounting for 29% of global auto sales.

BEV sales up 39% to hit 3.28 million units

BYD retained its position as the leading BEV brand with an 18.3% market share, posting a robust 43% YoY growth. Tesla held onto second place but saw declines in key markets, including China, North America, and Western Europe. Growth in South Korea, Norway, and Turkey was insufficient to offset the downturn in its main markets, leading to an overall 14% YoY drop in sales for the quarter.

Geely held third place with a 6.4% market share. Leapmotor, in sixth place, and XPeng, in seventh, both surpassed 100,000 units in quarterly sales for the first time, with Leapmotor’s rapid growth standing out. Xiaomi, ranked ninth and still relying mainly on its SU7 model, posted modest quarterly growth; however, with additional models and expanded production capacity in the pipeline, its performance is worth watching. Hyundai, benefiting from policy incentives in South Korea, recorded 41% YoY growth to secure tenth place.

PHEV sales reach 1.587 million units, up 15% YoY

While BYD brand maintained its lead in the PHEV market, fierce competition drove its quarterly sales down 12%, shrinking its market share from nearly 40% to 28.9%. The lost share was largely captured by other Chinese brands. Li Auto, in second place, saw an 11% sales increase, lifting its share slightly to 7.4%, while AITO’s share climbed to 6.2%, placing it third.

Notably, BYD Group’s sub-brand Denza recorded a 41% sales jump after launching the N9 model, breaking into the top ten for the quarter. While Denza and fellow group brand Fangchengbao both achieved growth, Denza in the high-end segment and Fangchengbao in the niche off-road performance market, the latter’s impact on overall sales remained limited. This means BYD Group’s market advantage will still largely depend on its core BYD-branded models with broader sales bases.

TrendForce notes that as the Chinese government moves to curb excessive price wars, discounts and promotions are expected to ease in the second half of 2025. Future demand in China will likely be driven by trade-in subsidies and NEV purchase tax exemptions—both set to expire at year-end.

In the US, OBBBA subsidies for EVs will end on September 30. While automakers are encouraging consumers to purchase before the deadline, a clear policy shift away from EVs could dampen the industry’s outlook. Overall, TrendForce projects global NEV sales to reach 19.7 million units in 2025, up 21% YoY, but with growth slowing to 14% in 2026.