In October 2024, BYD achieved a record 482,000 registrations, making it the top-selling auto brand globally and raising speculation about its potential to reach 800,000 units per month.

Despite the challenges, Tesla still leads in battery electric vehicle (BEV) share at 16.7%, although it has lost 2.6% compared to the previous year, with BYD closely following at 16.1%.

Geely–Volvo has also seen a rise in market share to 8%, while traditional automotive giants like Volkswagen and Stellantis are experiencing declines in their EV market shares.

In a significant shift, Geely has overtaken Volkswagen in market share, reflecting the changing dynamics within the automotive sector.

Chinese brands continue to dominate the sales landscape, with Wuling in third place at nearly 78,000 registrations and Geely following closely with 65,000 registrations, both achieving record performances.

Other Chinese manufacturers, including Leapmotor, Zeekr, XPeng, and Changan's premium brand Deepal, have also reported record sales, further bolstering China's strong EV market performance.

Li Auto reported a 27% year-over-year increase in registrations, although it did not set a new record for October.

Additionally, Xiaomi has entered the market with impressive momentum, achieving 20,726 registrations for its single model, showcasing its growth potential.

The automotive industry is undergoing a significant transition towards electric vehicles, with a notable rise in the market presence of Chinese manufacturers.

Year-to-date figures reveal that BYD's sales have doubled those of Tesla, while Wuling has surpassed BMW in overall registrations, largely due to the popularity of models like the Wuling Mini EV.

As a result of these trends, BYD's market share has increased to 24%, contrasting with Tesla's decline to 10.5%, indicating challenges for Tesla in maintaining its competitive position.

Tesla's sales have shown fluctuations, with a 6% increase in October following a 24% drop in September, reflecting a mixed performance throughout 2024.