This Chinese tech giant sold more EVs than Toyota, and it just launched 6 months ago

Chinese automakers are emerging as a true threat in the global EV market as they expand overseas for growth. For the first time, half of the top ten global EV sales leaders were from China. While BYD is quickly catching up to Tesla, Chinese tech giant Xiaomi sold more EVs than Toyota after launching its first model in April.

Chinese EVs climb global ranks, outselling Toyota

China is the world’s leading EV market, but with a new wave of homegrown competition arriving, domestic leaders like BYD and Geely are quickly expanding into new markets.

According to new data from MarkLines (via Nikkei), 2.52 million EVs were sold in 55 global markets in the third quarter. Tesla held the top spot with 432,000 vehicles sold between July and September, an increase of 2% from last year.

BYD, at number two, made a strong push, with Q3 sales rising 9% to 424,000 units. China’s EV leader continues climbing the global sales ranks, with low-cost electric cars undercutting many ICE equivalents.

BYD’s best-selling EV, the Seagull, is also its cheapest, with a starting price tag under $10,000 in China. The Seagull was China’s top-selling car, with nearly 41,000 units sold in August alone.

Chinese smartphone giant Xiaomi made its impressive debut, selling more EVs than even Toyota last quarter. And that’s after it launched its first vehicle just six months ago.

Xiaomi launched its first EV, the SU7, on March 28, 2024. In just six months, it has already outsold many global automakers, including Toyota.

According to AlixPartners, Chinese brands are expected to control over a third of the global EV market by 2030. Meanwhile, many US and European automakers are falling behind. Volkswagen slipped to fifth, down two spots after sales fell 17% in Q3 to 170,000. Jeep maker Stellantis and Mercedes both dropped out of the top ten, with sales sinking over 20%.

GM placed fourth with 184,000 vehicles sold, up 27%. Most of these came from its Chinese joint venture, SAIC-GM-Wuling.

No Japanese brands made the top 20 as some of the biggest laggards in the shift to electric. Nissan was number 22 with 34,000 units sold, and Toyota and Honda ranked 23rd and 24th, respectively.

Electrek’s Take

While many leading global auto brands like Toyota, Ford, GM, and Volkswagen continue pushing back new EV launches, battery tech, and other projects, Chinese companies are taking advantage.

China already dominates the global battery market. According to data from CnEVPost, China’s CATL and BYD controlled a commanding over 50% share of the global EV battery market through October 2024.

Other leading OEMs are closely monitoring the surging presence of China brands in global markets. After flying the Xiaomi SU7 to Detroit and driving it for six months, Ford CEO Jim Farley said he “doesn’t want to give it up.” Farley called Xiaomi an “industry juggernaut.” He even said it’s “a consumer brand that’s much stronger than car companies.”

Xiaomi sells “10,000, 20,000 a month. They’re sold out for six months,” Farley said on the Fully Charged Podcast in October.

Farley explained Ford’s shift to smaller, more affordable EVs came after realizing “the institution of Ford would have a really tough time competing with BYD.” Ford “needed a ground-up team,” which it has in California to keep pace.

Ford’s chief previously warned rivals that if they fail to keep up with the Chinese, ” 20% to 30% of your revenue is at risk.” Farley sounded the alarm, calling China’s leading EV makers an “existential threat.”

With companies like Xiaomi quickly emerging in the global auto market, it will be interesting to see where the rankings fall in 2025.

Will US and European automakers take back control of the global EV market? With more recent delays and Trump’s transition team reportedly planning to end the US federal EV tax credit, they could fall further behind. Let us know what you think in the comments below.