BYD's chairman predicted a month ago that China's monthly NEV penetration rate would exceed 50 percent within this year, and now he expects that figure to be seen within the next three months.
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In the January-February period, BYD topped China's NEV market with a 30.8 percent share, while Tesla came in fourth with 6.6 percent.
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China will tweak its policy to give the three centrally-administered automakers a separate assessment of their NEV businesses, a senior official said.
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Among the top 5, Tesla only produces BEVs, while the other automakers produce both BEVs and PHEVs.
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BYD is China's largest NEV maker, capturing 35 percent of the country's NEV market in 2023.
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The previous target was for the figure to reach 40 percent by 2030 and 50 percent by 2035.
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BYD ranks No. 1, Tesla No. 2, and Nio No. 9 in terms of NEV market share in China in 2023.
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Simply put, consumers who buy NEVs with an invoice amount exceeding RMB 339,000 are required to pay purchase tax. Models that support battery swap get preferential treatment.
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BYD sold 263,066 retail units in China in November, and Tesla 65,504.
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In October, China's NEV penetration at retail stood at 37.8 percent, up 7.6 percentage points from 30.2 percent a year earlier.
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