BYD (BYDDY, Financials) retained its top position in China's new energy vehicle market in March with a retail sales volume of 290,209 units, representing a 29.3% market share, according to data from the China Passenger Car Association. The company's share edged up from 29.2% in February but was down from 36.6% in March of last year.

Geely ranked second with 110,894 NEVs sold and an 11.2% market share, up from 41,802 units a year earlier. Tesla (TSLA, Financials) moved up four spots from February to rank third, delivering 74,127 vehicles for a 7.5% share. This represented a sharp gain from its 3.8% share in February, though it was below the 8.8% level reported in March 2024.

Other notable players in the market included Li Auto (LI, Financials), which ranked seventh with 36,674 units and a 3.7% share, and Xpeng (XPEV, Financials), which was in tenth place with 30,102 units and a 3.0% share.

In the first quarter of 2025, BYD led with 696,162 units sold and a 28.8% share. Geely followed with 321,779 units and a 13.3% share, while SAIC-GM-Wuling was third with 156,871 vehicles and a 6.5% share. Tesla ranked fifth with 134,607 units, giving it a 5.6% share of the market during the period.

The latest figures show a recovery in China's NEV segment after two months of sequential decline. Total NEV retail sales reached 991,000 units in March, up 45% from February, pushing the segment's penetration rate back above 50%.

In the broader passenger vehicle market, which includes internal combustion engine models, BYD was also the top seller with a 15.0% market share. Geely followed with 195,130 units and a 10.1% share, while FAW-Volkswagen ranked third with 129,571 vehicles and 6.7% of the market.

China's NEV classification includes battery electric vehicles, plug-in hybrids, and fuel cell vehicles. BYD and Geely manufacture both battery and plug-in models, while Tesla focuses solely on battery electric vehicles. Li Auto produces battery and extended-range models. Xpeng currently sells only battery electric vehicles but plans to introduce an extended-range model later in 2025.