This Chinese tech giant sold more EVs than Toyota, and it just launched 6 months ago
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.
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.
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%.
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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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.
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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.
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.
If you own an Acura or a competing brand, there’s an extra $4,000 loyalty or conquest cash offer in the mix.
Click here to find a local dealer that may have the Acura ZDX in stock. – trusted affiliate link
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.
Click here to find a local dealer that may have the Toyota bZ4X in stock. – trusted affiliate link
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.
Click here to find a local dealer that may have the Subaru Solterra in stock. – trusted affiliate link
2025 Honda Prologue – 0% APR + $11,500 cash
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.
Click here to find a local dealer with the Honda Prologue in stock. – trusted affiliate link
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.
Click here to find a local dealer that may have the Ford Mustang Mach-E in stock. – trusted affiliate link
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.
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Subaru today launched its compact AWD SUV at an event in New York City. With 300 miles of range, NACS charge port, a speedy 0-60 time of under 5 seconds, you could say that this is Subaru’s first modern EV, no offense to the rebadged Toyota BZ/Solterra…
The exterior looks a bit like a $100K Lotus Eletre with an off road flair. Uncharted will compete with Volvo’s EX30 Rivian’s R2S and other AWD EVs that might not be as rugged like the VW ID.4, Hyundai Kona and even the Chevy Equinox. Subaru’s lighting signature, shared with the 2026 Solterra and Trailseeker, along with its aggressive, rugged off-road styling will set it apart from the crowd.
It features new 18- or 20-inch wheel designs, as well as a high-contrast, available two-tone roof on Uncharted GT for enhanced curb appeal. At the rear, the sleek combination lamps, black badging, high beltline, and seamless rear design, complemented by a silver-painted lower rear fascia, add to the visual presence of the Uncharted. Low-profile roof rails on all-wheel-drive models add more options for carrying gear.
A NACS charge port with speeds up to 150 kW ensures convenient and fast charging options at more than 15,000 Tesla Supercharger stations nationwide. Even in cold weather conditions, the Uncharted can recharge its battery from 10% to 80% in nearly 30 minutes thanks to an onboard battery preconditioning system. At home, you can charge up to 11KW level 2 charging.
The interior is modern Subaru with rugged textile around a big 14-inch CarPlay/Android Auto screen experience (pictured below). There are 2 wireless phone chargers up front and 2 USB-C chargers in the rear.
All trim levels of the Subaru Uncharted are equipped with an All-Weather Package, including heated front seats, heated exterior mirrors, and windshield wiper de-icer; power rear gate; interior ambient lighting; and DriverFocus® Distraction Mitigation System. The Uncharted Sport adds X-MODE® Dual-Mode with Grip Control, heated steering wheel, StarTex® water-repellent upholstery, panoramic view monitor, and more. Uncharted GT will include a panoramic moonroof with motorized shade, 20-inch wheels, ventilated front seats, Harman Kardon® premium audio system, smart rearview mirror, and more.
The Uncharted battery is just under 75kWh, around the same size as a long range Tesla Model Y and it will get close to 300 miles in its FWD model (boo). Uncharted Sport and GT models are equipped with standard Subaru Symmetrical All-Wheel Drive with X-MODE, an anticipated range of up to 290 miles, and 338 horsepower which will appeal to more Subaru customers.
Full gallery below:
Electrek’s take
While Subaru maintains its close relationship with Toyota in EVs, and this is a C-HR rebadge, the Uncharted breaks some new ground. I love the NACS port, I love the range and the acceleration. Subaru’s fans might finally have an EV they can upgrade their ICE vehicle for.
That’s one thing that might be concerning for Subaru in the EV age: In ICE vehicles, Subaru makes one of the best, complicated AWD systems. However with EVs, AWD is almost table stakes at this point. Subaru will have to continue to innovate in the off road capable small SUV segment if it hopes to compete with all of the EV encombants. At this point, Subaru is a suspension and branding mod for Toyota.
The Uncharted certainly seems to be a good start.
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