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【New Energy Vehicles】BYD Surpasses CATL in Market Value for the First Time in Seven Years! Who Will Ultimately Dominate the New Energy Sector?

A Historic Moment for China's New Energy Industry

On March 17, 2025, China's new energy industry witnessed a historic milestone: BYD's A-share total market capitalization reached CNY 1.16 trillion, surpassing CATL for the first time since June 2018, with a market value gap of CNY 30 billion, making it the largest listed company in the Shenzhen Stock Exchange. This long-awaited “comeback” not only signifies a market value shift between the two giants but also reflects profound transformations in the competitive landscape of the new energy sector.

A Seven-Year Rivalry: From Dominance to a Stunning Reversal

Looking back to 2018, CATL first overtook BYD with a market capitalization of CNY 126.6 billion, ushering in a seven-year reign as the undisputed leader. During the new energy boom of 2021, CATL's market cap soared past CNY 1.6 trillion, while BYD lagged at around CNY 900 billion, leaving a staggering CNY 700 billion gap. However, in 2025, the tide began to turn.

BYD's resurgence was fueled by breakthroughs in both technology and market positioning. In February 2025, BYD officially launched its advanced autonomous driving system, “Celestial Eye,” triggering a sharp rise in its stock price and propelling its market capitalization past the CNY 1 trillion mark. Meanwhile, CATL faced increased market competition and the challenges of capacity expansion, leading to a short-term market value correction—an opportunity BYD seized to claim the top spot.

Full Industry Chain Strategy: The Key to BYD's Success

BYD's rise was no coincidence; its vertically integrated business model provided a decisive edge in the ongoing competition.

In the electric vehicle (EV) market, BYD is not only a leading global automaker but also a dominant player in key components such as batteries, motors, and power electronics. Its success extends beyond EVs—BYD has made remarkable strides in the energy storage sector as well. According to data from International Energy Network, BYD was a top performer in 2024's energy storage battery procurement tenders, leveraging its technological and cost advantages to secure a leading market position.

In contrast, CATL remains primarily focused on power batteries, with a relatively concentrated business model. As the new energy sector transitions from a “blue ocean” to a highly competitive “red ocean” market, a single-product strategy becomes increasingly vulnerable to market fluctuations. BYD's diversified approach, spanning across multiple energy sectors, has provided it with a more robust foundation for market capitalization growth.

A Shifting New Energy Landscape: The Intensifying Tech Race

The market value battle between BYD and CATL is, at its core, a race for technological leadership and market share.

In the power battery segment, CATL continues to lead in global battery installation volume, but faces fierce competition from BYD, CALB, and other rising players. BYD's innovations, such as its Blade Battery technology, have significantly reduced costs while improving safety, strengthening its foothold in the market.

In the energy storage sector, BYD is also making significant strides. In 2024, global energy storage bidding volumes nearly doubled year-over-year, and BYD emerged as a preferred supplier for numerous large-scale projects due to its expertise in battery cells and system integration. This dual advantage in both technology and market penetration has provided sustained momentum for its market value growth.

The Future Battle: Who Will Lead the Next Phase of New Energy Development?

BYD's overtaking of CATL marks the beginning of a new era in the new energy industry—one of intense competition and rapid innovation. With the global push toward carbon neutrality, competition in the new energy market is set to become even more fierce.

For CATL, the key challenge will be expanding into new business areas such as energy storage and battery swapping while maintaining its dominance in power batteries. For BYD, the focus will be on maintaining its technological edge while managing large-scale expansion.

Ultimately, the battle for market supremacy is more than just a rivalry between two companies—it is a testament to the rapid advancement of China's new energy industry. Whether BYD's full-industry-chain strategy or CATL's deep technological expertise proves to be the winning formula, the competition itself is accelerating the global energy transition. Who will emerge as the ultimate leader in new energy? Perhaps the answer is less important than the journey itself—one that is propelling the industry to new heights. Let's wait and see!

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