Global sales of battery-powered electric and hybrid vehicles jumped to 1.2 million units in February, up 50% from a year earlier, according to data compiled by Rho Motion.

China continues to dominate the electric vehicle market. About three-quarters of all sales were in China, up 87% from last year, according to data from the China Association of Automobile Manufacturers.

Car sales surged in the first two months of the year, coinciding with the Lunar New Year holiday, the peak shopping season. Chinese people bought 1.4 million electric cars, accounting for about 60% of global sales during the period.

BYD surpassed Tesla in the fourth quarter of 2023 to become the world's largest battery electric vehicle manufacturer and has maintained a steady growth rate.

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China leads in electric vehicle consumption. Photo: SCMP

The Shenzhen-based automaker said it sold 133,361 electric and hybrid vehicles in the first two months. Exports doubled in February to 67,025 electric vehicles, setting a record for the third consecutive month.

Tesla continued to lose market share in China to Chinese rivals, as sales fell more than 50% to 30,688 vehicles last month, compared with a 49.2% drop in January.

The EU imposed tariffs on Chinese-made cars in late October following an anti-subsidy investigation. The US and Canada have also imposed 100% tariffs on Chinese-made electric vehicles, with US President Donald Trump threatening higher tariffs.

China dominates the electric vehicle supply chain, holding more than three-quarters of the world's battery manufacturing capacity.

Mainland companies also account for more than two-thirds of the market in all types of components needed to assemble electric vehicles, according to Insight and Info Consulting.

BYD, in which Berkshire Hathaway's Warren Buffett holds a stake, has doubled its spending on research, announcing plans to raise $5.6 billion through a stock sale.

BYD appears unfazed by tariffs, analysts say, as the company's factories in Brazil, Hungary, Indonesia and Thailand are nearing completion to increase production capacity.

Meanwhile, electric vehicle sales in Europe rose 20% to 500,000 units in the first two months of the year, while deliveries in North America rose similarly to 300,000 units.

(According to SCMP)