Summary
- Global plugin vehicle registrations grew to a record 1.84 million units in November 2024
- BEVs were up by 22% YoY to a record 1.2 million units, while plugin hybrids jumped 55% YoY
- Plugin vehicles represented 28% share of the overall auto market in November
- China represented over 70% of global EV sales in November
- The Tesla Model Y was the best-selling EV in November, followed by the Tesla Model 3
Article
In November 2024, global plugin vehicle registrations reached a record high of 1.84 million units, with 22% growth in battery electric vehicles (BEVs) and 55% growth in plugin hybrids compared to the previous year. Plugin vehicles represented 28% of the overall auto market share, with BEVs alone at 18%. Year to date, the plugin electric vehicle market share reached 21%, with over one-third of all car sales worldwide having some form of electrification. Full electric vehicles accounted for 64% of plugin registrations, with China leading the global market.
Chinese EV makers dominated the top 20 best-selling EV models in November, with Tesla’s Model Y leading the pack, followed by BYD’s models and the Wuling Mini EV. BYD had a strong presence in the market, with 11 representatives in the top 20, showcasing the brand’s growing influence. Other Chinese automakers like Geely and Xiaomi also made significant strides in EV sales, with new models gaining popularity. Legacy OEMs like Volkswagen struggled to compete in the EV market, with the VW ID.3 being their best-selling model.
In the year-to-date table, Tesla’s Model Y and BYD’s Song maintained their top positions, while the Tesla Model 3 secured the third spot. BYD’s Seagull model showed strong sales growth, potentially surpassing the Model 3 in the rankings in the future. Wuling Mini EV and BYD’s other models also performed well, with BYD’s Han flagship sedan making gains in sales. Legacy OEMs continued to lag behind in the EV market, with Tesla and Chinese brands dominating the top-selling models globally.
When excluding China’s EV production, Tesla models would still lead the global sales charts, followed by legacy models like the VW ID.4, Hyundai IONIQ 5, and Audi Q4 e-tron. The trends in sales without China production showed variations in the performance of certain models, indicating the importance of China’s market in the global EV landscape. Chinese EV makers continued to innovate and offer competitive models, challenging traditional automakers to adapt to the changing market dynamics.
Overall, the global electric vehicle market experienced significant growth in November 2024, with plugin vehicles reaching record registrations. Chinese EV makers led the market, with Tesla maintaining its position as a top performer. The competition in the EV market is intensifying, with new players like Geely and Xiaomi gaining traction. As the shift towards electrification continues, traditional automakers face challenges in competing with the innovative offerings from Chinese brands and Tesla.
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