Global Electric Vehicle Sales Surge in 2024

According to Clean Technica, the first half of 2024 saw global sales of new energy cars reach 7,169,712 units, marking a 23% year-on-year increase and capturing 18% of the entire car market. Of these, electric vehicles (EVs) accounted for a significant 12%.

In June alone, global new energy car sales climbed to 1,453,373 units, reflecting a month-on-month increase of 9.8% and a year-on-year growth of 15.3%. Electric vehicle sales rose by 4%, while plug-in hybrid vehicles observed a 41% increase. In June, new energy cars made up 22% of the entire car market, with EVs alone contributing 14%. The top 20 brands accounted for 71.3% of the global new energy car market in the first half of this year, showing a 4% decline in market concentration compared to last year.

In the top 20 brands, Chinese brands held 12 positions, with 6 in the top ten. Brands like BYD, NIO, and Chery were notable mentions. Aito made its debut in the top ten, while Li Auto surpassed Volkswagen and Mercedes-Benz for a spot in the top five.

In the top 20 models list, Chinese models occupied 16 spots, with BYD securing 8 of them, and 7 among the top ten. Sea Gull and Destroyer 05 were recognized as breakthrough models in the global new energy car market. Although Tesla Model Y's sales dipped by 5.8% year-on-year, it maintained a dominant position with 546,000 units sold, ensuring its status as the best-selling new energy car worldwide. Its sibling, Model 3, experienced a 12.4% decline in sales, being overtaken by BYD Song PLUS, which saw a 25% year-on-year increase, reaching 325,000 units, securing second place.

In the top 10 car models, BYD had 7 entries. Thanks to new releases, Sea Gull and Destroyer 05 became new “dark horses” in the market. Qin PLUS grew by 8.7%, solidifying its global fourth position. Alongside them, Aito M7, M9, and Li Auto L7 were the latest market "dark horses." Aito M7, buoyed by strong sales, placed eighth globally with over 100,000 units sold in the first half of the year. The luxurious Aito M9 surpassed BBA, achieving 19th place.

In terms of year-on-year growth, besides the five new top entrants, only five cars managed to increase their sales. Volkswagen ID.3 and Wuling Bingo each saw over 30% growth, while Song PLUS rose by 25% and Changan Lumin increased by 13.9%.

Conversely, Aion Aion S, Dolphin, and the Hongguang MINI EV experienced sharp declines of over 30%, while Aion Y, Yuan PLUS, Tang, and Tesla Model 3 faced decreases of over 10%. Compared to the same period last year, significant shifts occurred in the top 20 models.

Apart from Tesla Model Y retaining its top spot, other rankings saw changes. The Hongguang MINI EV, Aion Aion S, and Aion Y, previously in the top ten, were replaced by Sea Gull, Destroyer 05, and Aito M7.

In the lower ranks, BYD Tang, Volkswagen ID.4, ID.3, and Changan Lumin saw their ranks decline, while five new “dark horses” emerged: Sea Gull, Destroyer 05, Aito M7, Li Auto L7, and Aito M9. BYD emerged as the world’s most popular car brand with 1.52 million units sold, while Tesla's sales declined by 6.5% in the first half, taking second place. BMW’s sales increased by 21%, maintaining its third position.

In the top 20 brand rankings, Chinese brands occupied 12 spots, with 6 in the top ten, including Aito, Zeekr, NIO, and Chery. Aito made its top ten debut, while Li Auto's sales leaped by 46% to over 200,000 units, surpassing Volkswagen and Mercedes-Benz to enter the top five. Geely's sales surged by 59%, debuting in the top ten at ninth place.

In terms of year-on-year growth, Toyota boasted the highest increase at over 74%, followed by Geely and Li Auto, each exceeding 45% growth. BYD, BMW, Volvo, and Audi also saw a 20% sales increase. In contrast, Changan, Aion, Tesla, and Volkswagen’s sales declined, with Changan and Aion dropping by over 25%. Despite these changes, the top three in the brand rankings remained unchanged from last year. Aion, previously fourth, fell out of the top ten to 11th, while Changan dropped from 10th last year to 17th in the first half of this year. They were replaced by Aito and Geely.

In the lower rankings, SAIC, Kia, Audi, and Hyundai saw their rankings drop, while Toyota climbed two places to 15th. Brands like Jeep, Peugeot, Ford, and NETA fell off the list, making way for new 'dark horses' like Aito, Zeekr, NIO, and Chery. In terms of automotive brands, BYD's market share increased from 21.9% last year to 22.4% due to recent price cuts, while Tesla's share was 11.6% as of June, down from 14.8% in 2023.

Geely-Volvo, ranking third, maintained a stable share of 7.9%, showing rapid progress among the top five Chinese companies from 6.2% in June 2023 to 7.9% currently. Geely plans to launch about 33 new models by 2025 to keep its lineup fresh, potentially threatening Tesla for second place.

Meanwhile, Volkswagen Group (6.3%) held steady, keeping a safe distance from SAIC (5.2%, down from 5.4% in May).

Volkswagen Group rebounded in the second quarter after a weak first, recovering some market share by June. In contrast, SAIC is negatively influenced by other brands, especially Wuling, amid a price war dominated by BYD.

Below SAIC, BMW Group at sixth (4%, up 0.1% from May) made progress, with Changan (3.8%, down 0.1% from May) and Stellantis (3.7%, down 0.2% from May) losing shares. Stellantis has seen a notable share decline from 4.3% in June 2023.

This year, Stellantis is widening the gap with the top five automotive manufacturers and risks being overtaken by competitors.

Looking ahead, BMW is expected to extend its lead in competition. Meanwhile, Stellantis risks losing its eighth position as Hyundai-Kia (3.5% share) is gaining recently, contrasting with Stellantis's decline. In the exclusive EV market, Tesla leads with an 18.1% share, though down 3.8% from last year. BYD follows at 15.8%, slightly down by 0.2%. As Tesla's market share declines rapidly, BYD might surpass it in the fourth quarter.

Geely-Volvo's market share is stable at 7.5%, thanks to strong performances across its brands. Volkswagen Group (6.9%) benefits from SAIC's (6.7%, down 0.3% from May) weakened position, climbing to fourth place.

Beneath the top five, BMW Group (4.5%, up 0.2% from May) is rising, followed closely by Hyundai-Kia (4.3%). If SAIC does not strategize to improve its share, it could fall behind BMW and Hyundai-Kia by 2025.