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.
Xiaomi SU7 (Source: Xiaomi)
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.
Xiaomi SU7 (Source: Xiaomi)
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%.
Xiaomi SU7 production (Source: Xiaomi)
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.
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Faraday Future is still kicking and unveiled its next planned vehicle tonight – the FX Super One, an all-electric MPV.
The FX Super One is an MPV, “Multi Purpose Vehicle,” which is… basically the new word for a minivan.
Minivans have gotten less popular in recent years, as the entire industry has been infected with the SUV virus. But they still offer a lot of the same benefits they always did, like more room for passengers and cargo.
The problem is, there just aren’t many EV minivans. In the US, we’ve basically got the ID.Buzz, and that’s about it… so far.
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But we’ve also seen and heard of some upcoming prototypes, making us think that perhaps this could be a bit of a trend in upcoming models – much as electric 3-row SUVs have been a trend for the last year or two.
Outside of the US market, electric vans are much more popular. This is particularly true in China, where many electric MPV models are available.
Into this segment wades Faraday Future, the US-based but decidedly China-flavored electric vehicle startup founded by Chinese businessman YT Jia, who is currently its Co-CEO along with Matthias Aydt.
But a low-volume hypercar… er, hyper-SUV?… does little to make a dent in overall consumer EV demand, so the next car Faraday has unveiled will maybe strike a little closer to the center of consumer demand than their first effort.
Unveiled tonight at a public event in Los Angeles (and seen by us a couple weeks ago at a private event), the FX Super One doesn’t make quite as many pie-in-the-sky promises as the original FF91 did, though it does include its own fair share of flashy features and plenty of question marks still to be answered.
Perhaps the most headline-grabbing feature is something Faraday is calling the “AI F.A.C.E.,” which seems to be an optional feature as only one of the prototypes we saw had it installed. This consists of an array of LEDs at the front of the vehicle, in place of the radiator grille, which can light up to display just about anything you can dream of – as long as it’s relatively low resolution (but certainly higher resolution than, say, traditional headlights).
Faraday showed several animations of what this could be used for, including videos showing off the car or sample atmospheric designs, or much more interestingly: emoji-like animated faces showing off certain emotions.
Beyond this, the specs of the vehicle seem quite fluid – which, frankly, is probably a good thing given the tall promises made by the FF91 at unveiling.
It instead replaced all those promised exceptional specs with a bunch of promises about AI, claiming that the car will be your companion, your avatar, your co-pilot. This was all mumbo-jumbo as far as I’m concerned.
Faraday differentiated its “AI-MPV” from a “traditional minivan” by claiming that this vehicle will have a “balance between luxury and premium,” but with better power and handling than either minivans or full-size SUVs.
It didn’t specify a price yet, but it did state that the FX Super One would have “premium pricing” but also would compare with a traditional minivan in total ownership cost. Elsewhere, Faraday stated that it will be “an affordable mass market MPV.” It even asked, in the presentation, what price attendees feel like they would pay for the vehicle. Feel free to sound off in the comments below with your thoughts.
If those phrases seem to be in conflict with one another, it could be because Faraday did drop some hints at potential higher-end configurations, speaking to a likely large spread of prices across the model range.
While the examples we saw were configured like traditional 3-row minivans (they insisted that nobody take photos of the unfinished interior, but it has both 6- and 7-seat configurations), Faraday suggested that a more limo-like experience could be had with vehicles configured for a comfortable back seat experience, with lots of legroom, a TV, and a fridge.
At today’s introductory event, we even got a short chance to take a ride in the car, albeit just in circles around a parking lot. We got a quick chance to try riding in the 2nd and 3rd row seats in the 6-seat configuration. Although we weren’t allowed to take any cameras with us, so you’ll have to take my word for it.
The pass-thru to the 3rd row is a little tight, probably owing to the size of the 2nd-row seats, which are large and comfortable. But with the 2nd-row seat positioned in such a way to give me a full foot or two extra feet worth of leg/knee room, I could still fit comfortably into the 3rd row. There is no question that 6 adults could fit comfortably into this car even for a long ride.
And while, again, the ride was just around a parking lot, we had our driver punch it a little, and the car felt plenty powerful enough, especially for a minivan. But this should be no surprise for an electric vehicle from a company whose other car, the FF91, boasts 1,050hp.
We briefly tried out the “zero-G” 2nd-row seat, which reclines into an almost horizontal position. With the massage seats turned on, this was definitely a comfortable experience. There seems to be room for a possible fold-down TV on the roof of the vehicle, but one wasn’t installed in the prototype we rode in. The prototype did, however, have a small fridge between the front seats, but it wasn’t activated during our short demo.
Faraday called this configuration the “GOAT Edition,” and showed a rendering of what the backseat might look like.
This edition would offer more of a “VIP experience,” and we’d expect a higher price to boot. Faraday said it was aiming to unseat the Escalade as the car of choice for VIPs, which is notably a six-figure car in all but the most bare base model configurations.
This exceptional rear seat comfort seems like it will be important not just for the VIP market, but the China market. Most Americans, even the very wealthy, will still drive their own cars. But in China, having a driver is much more common, and there is more of a focus on rear seat comfort (we saw the same with Faraday’s first vehicle, the FF91).
Faraday was a bit cagey when talking about international sales, but did say that it is targeting 10,000 “global” reservations tonight. We would not be surprised if a significant percentage of those reservations come from a country where minivans are popular and rear seat comfort is a priority, and which happens to hold about a fifth of the world’s population.
In its press materials about the car, Faraday focused largely on comfort and safety, saying the car will have “360º safety, active + passive” and all-time all-wheel drive. The Super One has promised plenty of sensors for driver aids, including a “vision-first VLA system powered by lidar, millimeter-wave radar, ultrasonic sensors, and high-definition cameras”
As some of the few specific specs in the release, it mentioned a 130-inch wheelbase, 51.2-inch cabin height and 39.4-inch third-row legroom. It highlighted how this gives exceptional space efficiency, with flexible sliding rows, room for six golf bags, and fold-flat seats to turn into a camper bed.
Faraday refers to those seats as “zero-G” and says “every seat is the VIP seat.” If they’re anything like the rear seats in the FF91, which is extremely comfortable, then that will be something.
It also highlighted the various software features the car will include, like voice recognition, gestures, over the air updates, and AI suffused throughout the car’s tech. It said the FX Super One could function as your “Mobile AI Office.” It has also said that the FX Super One could be a “Mobile Livestream Studio” (hmm, where have we heard that before…)
Faraday did bring up one feature that I thought was questionable – the possibility of including a “range-extending” gas engine. It called this the “AI Hybrid Extended Range” powertrain, keeping with the trend of using “AI” in as many superfluous ways as possible.
This feels like it could be a misstep, because Faraday has been an all-electric brand since the start. As if spinning up production on a mass market minivan wasn’t hard enough, now Faraday is adding another powertrain option to the mix – and one which it has no experience with.
This means having to design the powertrain packaging two different ways, source more parts, compromise the design of one powertrain to make room for the other, and so on. That’s a lot of work to do on the revenue from the sale of 16 total units to date (though Faraday did just raise $105 million to help with this, and also said the hybrid version would come after the all-EV one).
Faraday pointed out that it is one of the only American EV startups left, able to avoid bankruptcy like so many of its kind – Fisker, Canoo, Nikola, Lordstown, and so on. It put itself alongside Tesla, Rivian, and Lucid, claiming to be one of only four American EV startups that has not gone bankrupt yet. This list may not be exhaustive, but Faraday does make a point that it is one of the few that is still in business.
But I would argue that, while their tech is actually fairly impressive (Faraday showed us an update to their voice recognition system which worked great at interpreting natural speech, even with stumbles and pauses, and supports 50+ languages, with help from OpenAI – an actual concrete practical use of AI), I wouldn’t so much call Faraday “thriving” or put it in the same category as other existing American EV startups.
Faraday spoke of its “capital efficiency” and showed a graph of how much less money it spends than its three compatriot companies, suggesting that its small team held an advantage over the other companies as a result. But those companies have each sold at least five digits worth of cars, which is a lot more than the two digits worth of cars that Faraday has sold.
And that brings up another point about Faraday’s private presentation which irked me: there was a lot of talk about the stock before we got to talking about the car. Now, this was a private event and several investors were there after all, but it still struck me that the last time I talked to the company (when it had a big stock price jump last May), it was about the stock, not a car.
This is emblematic of what I think is an issue with the company – I know it’s popular today for basically every company to chase the stock market to some extent, in our overly financialized economy. And in the startup EV space, you don’t have to look far to find one specific company which has been quite successful despite that it often seems to treat the stock as the product more than the cars themselves.
But that company (it’s Tesla, if you haven’t guessed) at least has products, and has good products too. Tesla may have a lot of hype too, but it started with a eye-opening product, it delivered that product, and then continued to iterate and improve and deliver more products. The first of those products (Roadster) was delivered before the company went public at all, and the excessive focus on pumping the stock with hype for constantly-delayed product releases really didn’t start until several years later (perhaps the mid-2010s with respect to products like FSD and solar roof, though Model 3 and Model Y both delivered roughly on their promises, and its only lately that everything Tesla does has been underwhelming or past-deadline).
In contrast, Faraday has taken a long time to deliver just 16 vehicles (it had targeted a yearly run rate of 10,000 cars by the start of 2025), and now it’s promising a whole new vehicle, a new powertrain, and a whole new pile of incomprehensible acronyms and branding.
In their short presentation, here are some of the novel acronyms and branding I heard: AI-HER, Super EAI F.A.C.E., X Super One, EAI-MPV, AIEV, Semantic VAD, VLA, Super AP + EAI platform, and the ultimate champion, the FF EAI Embodied Intelligence AI Agent 6×4 Architecture.
This is too much. Maybe Faraday doesn’t have to appeal to “normies” right now, as it has only sold 16 vehicles, but at some point you need regular joes and janes to buy your car. And those buyers are still – to far too high of a degree, I would argue – scared by electric cars.
You’re not going to sell the tech-resistant by throwing a million acronyms at them. You’re going to sell them by giving them a good product at a reasonable price that makes them feel like their concerns have been addressed and that they can just use it normally without thinking about it.
This was exhibited by one conversation I had at the unveiling, with a lovely couple from St Louis. They didn’t ask me what I thought of the FF EAI 6×4 Architecture, they said “well it gets both really hot and really cold in St. Louis, can an electric car handle that?”
Look at this nice family that definitely has no idea what “FF EAI Embodied Intelligence AI Agent 6×4 Architecture” means
Those are the questions on the mind of your buyers. If you want to sell cars, those are the questions you need to answer. Making people feel weird, making EVs feel foreign, isn’t going to answer those questions for them.
But that’s just the thing: you do that if you want to sell cars.
Again, I think Faraday’s tech is pretty good. They have a very cool voice recognition system, their screen is responsive, they even have a clever solution for the problem of physical vs. screen controls for volume and HVAC (you can swipe up/down and left/right with three fingers to change volume/temperature, respectively). And the FF91 has some real superlatives to it (though you’d expect so at that price).
But the company suffers from a lack of focus on the mission of building vehicles – a mission that it really has not yet completed at any significant scale. Getting any car to market is an achievement, and one which many thought Faraday would not accomplish. But as I’ve stated before, I think all this complicated branding, excessive injection of “AI” into every sentence, and focus on buzzwords and promises is all a distraction. I don’t think it helps to sell cars, or helps to build them – except insofar as the company is able to trick the stock market into thinking it deserves some of the excessive money being thrown at anything with the letters “AI” on it right now. So there is that, I guess.
So once again, this turned more into a discussion of Faraday the company than the FX Super One the car. But that’s bound to happen until a successful vehicle project gets off the ground and meets its targets.
Will the FX Super One be that vehicle project? We’ll have to wait and see. Our first indication might be how many reservations Faraday is able to get tonight, as it’s targeting 10,000 global reservations in 48 hours (a lower goal than the 64k hand-raisers they got 36 hours after the FF91 reveal, exceedingly few of which converted into orders, but those were zero-cost reservations).
Update: Faraday says that it already has over 10,000 reservations, likely counting pre-orders that were open prior to this event.
If you’d like to be one of reservers, feel free to get in line over at their website, where reservations should be live now, and where the company has already been taking refundable $100 pre-reservations for a little while. We’re sure we’ll here more soon about how those numbers turn out in the coming days, and Faraday says more info on specs and pricing will be announced later this year, but that it wants to start deliveries in 2026 (which seems ambitious).
To catch the rest of the event livestream (and perhaps see a replay afterwards), go check out Faraday’s website.
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We’ve got huge news in the 4X4 Ford world with the launch of the first-ever all electric Ford Bronco. Plus, we’ve got a new long-wheelbase Model Y from Tesla and a full-scale d*ck-measuring contest in the world of full self driving. All this and more on today’s episode of Quick Charge!
We’ve also got a $300 million investment from Uber into Tesla Robotaxi rivals Lucid and Nuro and a suitably rapid successor to Lancia’s legendary HF nameplate – that could be an ideal new-age Neon, if Stellantis grows the stones to bring it Stateside.
New episodes of Quick Charge are recorded, usually, Monday through Thursday (most weeks, anyway). We’ll be posting bonus audio content from time to time as well, so be sure to follow and subscribe so you don’t miss a minute of Electrek’s high-voltage daily news.
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Got news? Let us know! Drop us a line at tips@electrek.co. You can also rate us on Apple Podcasts and Spotify, or recommend us in Overcast to help more people discover the show.
If you’re considering going solar, it’s always a good idea to get quotes from a few installers. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. It has hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use, and you won’t get sales calls until you select an installer and share your phone number with them.
Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.
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Some of the best financing deals on EVs are offering 0% APR for up to 72 months, and if you combine that with an electric car eligible for the $7,500 federal tax credit, you get a pretty solid deal if you’re looking to buy.
However, the EV federal tax credit dies a premature, unnecessary death on September 30, 2025, thanks to the Republican-controlled Congress, so check out the best EV financing deals below that our friends at CarsDirect have surfaced.
Photo: Acura
2024 Acura ZDX – 0% APR For 72 Months + up to $10,000 cash
It’s not every day you can pair 0% APR for six years with up to $10,000 in savings, but that’s what’s on the table for the 2024 Acura ZDX through September 2.
For the A-Spec trim with all-wheel drive, buyers get $6,000 off the MSRP. Go with rear-wheel drive, and that drops to $3,500. The Type S also gets a $2,500 cut.
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If you own an Acura or a competing brand, there’s an extra $4,000 loyalty or conquest cash offer in the mix.
2025 Toyota bZ4X – 0% APR For 72 Months + $2,500 cash
In many regions, Toyota is offering 0% APR plus $2,500 in bonus cash on the 2025 bZ4X when you finance through Toyota Financial Services. That $2,500 is basically a rebate tied to Toyota’s promotional interest rate.
This offer wraps up August 4, so if the bZ4X is on your list, now’s a good time to make a move.
The 2025 Subaru Solterra is sticking with its usual deep-discount playbook of 0% APR for 72 months through July 31. But there’s a lesser-known perk worth flagging.
According to a national dealer incentive bulletin, Subaru is also kicking in $2,500 in dealer cash. You can stack it with the 0% financing deal, but don’t expect it to be plastered all over ads – it’s a behind-the-scenes offer, so shopping around could pay off.
Through September 2, Honda’s got one of the most generous EV deals around on the 2025 Prologue: 0% APR plus up to $11,500 in bonus cash.
Here’s how it breaks down if you finance through Honda Financial Services: $5,500 in cash off the top, a $3,500 loyalty or conquest bonus if you already drive a Honda (or are switching from a competitor), and another $2,500 on top of that. It’s all stackable. Plus, the 2024 Honda Prologue is eligible for a $7,500 federal tax credit on purchases.
The catch? You need to live in California or another ZEV state to get the full package. But even outside those areas, Honda’s still offering solid cash incentives that make the Prologue well worth a look.
2025 Ford Mustang Mach-E – 0% APR + $0 Down + 0 payments for 90 days
Ford’s rolling out a “zero-zero-zero” deal on the 2025 Mustang Mach-E: You get 0% APR for 60 months, $0 down, and no payments for the first 90 days.
To sweeten the deal, Ford is throwing in a free home charger plus free installation. If you’re already set up with home charging or just not interested, you can opt for an extra $500 bonus instead.
For a popular EV like the Mach-E, this is one of Ford’s most aggressive financing offers in a while, especially with that no-payment cushion built in.
The 30% federal solar tax credit is ending this year. If you’ve ever considered going solar, now’s the time to act. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. It has hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use, and you won’t get sales calls until you select an installer and share your phone number with them.
Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.
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