Global new energy vehicle (NEV) sales reached 5.39 million units in the third quarter of 2025, reflecting a 31 percent year-over-year rise, TrendForce said.
Battery electric vehicles (BEVs) continued to lead the transition toward full electrification, achieving 3.71 million units in sales and an impressive 48 percent year-over-year growth. Plug-in hybrid electric vehicles (PHEVs) saw comparatively modest momentum, reaching 1.67 million units with a 4 percent annual increase.
BEV Segment: BYD Leads, Tesla Rises, and Chinese Brands Accelerate
BYD remained the top global BEV seller in Q3 2025, though its sales dipped from the previous quarter. Tesla retained the second spot and delivered a strong performance, recording a 29 percent sequential increase. This growth was supported by the expiration of U.S. subsidies, which accelerated purchases, and renewed momentum in China.
Chinese automakers continued to strengthen their presence in the global BEV landscape. Geely and Leapmotor delivered exceptional quarterly results, capturing 6 percent and 4.1 percent market share, respectively. Both Geely and Leapmotor outperformed Xpeng for the second consecutive quarter, showcasing the growing competitiveness of China’s mid-tier EV manufacturers.
Volkswagen faced a challenging quarter, dropping to seventh place due to sharp declines in China that overshadowed its gains in Europe and the U.S. Hyundai slid to ninth place as quarterly sales softened, although its year-over-year growth remained positive. BMW, excluding MINI, continued to experience declining BEV demand, adding pressure to its full-year forecast.
BEV market share
In the third quarter of 2025, the global BEV market was led by BYD with a 15.4 percent share, followed closely by Tesla at 13.4 percent. SAIC-GM-Wuling secured third place with 6.1 percent. Geely held 6 percent, while Leapmotor captured 4.1 percent, staying ahead of Xpeng at 3.1 percent. Volkswagen and Xiaomi were tied at 2.9 percent each, and Hyundai and BMW rounded out the top ten with 2 percent market share apiece.
PHEV Segment: Shifting Dynamics as Competition Intensifies
In the PHEV market, BYD faced signs of market saturation and rising competition within China. Though its third-quarter sales improved compared to Q2, they slipped year over year. AITO, Chery, and Geely advanced to second, third, and fourth place, respectively. Chery stood out with rapid sales acceleration, raising its PHEV market share to 6.6 percent in Q3.
Li Auto, which ranked second in the previous quarter, reported declines both sequentially and annually. Its performance was affected by intensifying competition from brands offering range-extended electric vehicles (REEVs), eroding its market position. In contrast, European manufacturers such as Mercedes-Benz and BMW recorded dips from the last quarter but showed improvement over last year in the U.S. and select European markets.
PHEV market share
In the third quarter of 2025, BYD led the global PHEV market with 27.9 percent share, far ahead of other suppliers. AITO followed at 6.8 percent, while Chery closely trailed at 6.6 percent. Geely held 6.2 percent, and Li Auto captured 4.5 percent as increased competition affected its performance. Changan recorded a 3.4 percent share, with Lynk & Co. at 3.3 percent. Mercedes-Benz secured 3.2 percent, and BMW held 2.9 percent, just ahead of Toyota at 2.6 percent.
Strong Year-End Push Expected as Automakers Target Annual Goals
TrendForce forecasts that global NEV sales will reach 20.43 million units in 2025, marking a 25 percent increase from 2024. Robust Q3 performance and aggressive year-end sales strategies are expected to fuel continued growth.
Looking ahead to 2026, shifting subsidy policies and incentive structures will play a crucial role in shaping global electrification. The expiration of U.S. subsidies is likely to weaken domestic demand, widening regional differences in EV adoption. Despite this, the global move toward clean mobility remains firm. TrendForce projects NEV sales of 22.8 million units in 2026, representing a 12 percent year-over-year increase.
Baburajan Kizhakedath