Leading Chinese electric vehicle (EV) manufacturers, including BYD and NIO, have reported impressive sales figures recently. NIO achieved a new quarterly record in Q3, while BYD continued its strong performance with record-breaking EV sales in September.

China has been at the forefront of the global shift towards electric vehicles, with EV sales in the country exceeding 3.06 million in the first seven months of the year, marking a 28.7% increase from 2022.

Despite a price war initiated by Tesla earlier in the year, Chinese EV manufacturers are steadily gaining market share as they expand internationally.

BYD, one of China’s leading automakers (surpassing Volkswagen earlier this year), set a new record by delivering 151,193 fully electric vehicles in September alone. In the third quarter, BYD achieved sales of 431,603 EVs. This growth has brought BYD significantly closer to EV leader Tesla, which announced deliveries of 435,059 electric models, slightly below estimates ranging from 440,000 to 490,000.

BYD, which initially began as a battery company, has rapidly expanded its presence in China and has achieved dominance in several overseas markets, including Thailand, Brazil, Colombia, and Israel. With the advantage of producing nearly all components in-house, BYD is well-positioned to continue expanding internationally, offering affordable EVs such as the Dolphin electric hatch.

The fourth quarter is expected to be noteworthy for BYD as it plans to sustain its momentum with new model launches in various countries, including Japan, Mexico, Australia, India, Hungary, and more.

NIO, another prominent Chinese EV manufacturer, had a record-setting third quarter. In September, NIO delivered 15,641 units, contributing to a record-breaking third quarter with 55,432 deliveries, a 75.4% year-over-year increase. As of September, NIO had delivered a total of 109,993 all-electric models. Over the past few months, deliveries surged, with the introduction of several new models.

NIO introduced its highly anticipated ES6 model, which set a monthly sales record for a single model in July. Additionally, the EV startup launched its first electric station wagon, the ET5 Touring, designed for the European market in June. More recently, the refreshed EC6 model began rolling out.

Taking inspiration from BYD, known for its premium smart electric vehicles, NIO is venturing into the affordable EV market. The first images of NIO’s new “Alps” mass-market EV brand, designed to compete with Toyota and Volkswagen, have started to emerge online.