BYD Han (Source: BYD)

In week 10 of 2024, from March 4-10, we noticed major developments in weekly sales. While Tesla continues to dominate all competing pure electric models of the Model 3 and Y, BYD has taken major strides in both of our pure EV Top 10 rankings benchmarking Tesla models. Let's deep dive:

Tesla Model Y Benchmarks Top 10 Ranking

This week, Tesla Model Y sold 9,839 vehicles, topping previous week's sales and accounting for 67.35% of the Top 10 benchmark models.

BYD Song L dominates XPeng and SAIC's IM

BYD returned to the 2nd spot with 1,876 unit sold, which is firmly well ahead of its most direct competitors in this list, the XPeng G6 and IM LS6. In fast, since its launch in mid-December of 2023, both the G6 and LS6 sales tanked severely. In the past two months, the Song L's sales volume more than doubled the cumulative sales of the G6 and LS6.

NIO ES6 and EC6 in the Top 5

Cumulatively, the ES6/EC6 duo sold 1,034 units, compared to 1,835 vehicles in the previous week. This represents c. 7% of the Top 10, unlike last week's 12.7% share. However, it will be interesting to see the effect on sales from NIO's amended BaaS pricing and other benefits released today. The new monthly rental fee for the standard battery pack is 728 RMB, decrease of 252 RMB or 25.7% from the previous fee of 980 RMB. If a customer opts for the long-range pack under the BaaS model, the monthly fee now stands at 1,128 RMB, a decrease of 552 RMB or 32.86% from the previous fee of 1,680 RMB.

Tesla Model 3 Benchmarks Top 10 Ranking

In week 10, the top 10 Model 3 benchmark's cumulative sales fell by 5.9% WoW, from 10,210 to 9,607.

BYD Han EV leaps over all non-Tesla models

While in other international markets the BYD Seal is the Model 3's direct competing vehicle, in China, the Han EV is a much more popular vehicle and is often benchmarked against the M3. This week, the Han EV jumped from 5th to 2nd, with 1,867 in weekly sales, displacing the ZEEKR 007. The Model 3 also had a strong week, with 35% share of the T10 ranking sales. The Han EV refresh in February reduced the starting price from 209,800 RMB in 2023 to 179,800 RMB, a 14.3% price reduction. If we include the Han's PHEV version (DM-i), their cumulative sales total to 3,746, which exceeds the Model 3's sales.

ZEEKR 001 refresh

The sizeable decline in sales this week, from third to 8th, may be due to the 001 facelift delivery timing. We know that ZEEKR does not have a demand problem as since the refresh launch on February 27, they have amassed over 15,000 pre-orders in only 10 days.