Summary
- BYD and Tesla captured 30% of the global plug-in vehicle market in the first half of 2024
- BMW was in third place ahead of Volkswagen, Mercedes-Benz, and Geely
- BMW sold over 212,000 plug-in vehicles in the first half of 2024
- BYD sold 1.2 million plug-in vehicles in the same period
- BYD’s sales have been growing rapidly, especially in the plug-in hybrid sector
Article
BMW Surpasses Volkswagen, Mercedes-Benz, and Geely in Global Plug-In Vehicle Sales
Sales of electric vehicles have shown signs of a slowdown in some markets, but the numbers are still up over 2023, bolstered in some areas by increased sales of plug-in hybrids. Two manufacturers dominate the plug-in side of the market globally, BYD and Tesla, but sales data from the first part of 2024 reveals a third-place surprise, BMW. According to data published by EV Volumes, BMW managed to sell over 212,000 plug-in vehicles (EVs and PHEVs) from January until May, putting it ahead of Volkswagen, Mercedes-Benz, and Geely. This places BMW in third place behind BYD and Tesla, with 1.2 million and 625,000 sales respectively.
BMW Reports Impressive Sales Growth in Electric Vehicles
BMW reported that it sold a total of 179,557 battery-electric vehicles in the first half of 2024, representing a 34.1% increase over H1 2023. The manufacturer also reported combined sales of electrified vehicles (EVs and PHEVs) of 269,065 units from January until June of this year, marking a 9.6% increase compared to the same span of 2023. This growth solidifies BMW’s position as a key player in the global plug-in vehicle market, surpassing major competitors such as Volkswagen, Mercedes-Benz, and Geely.
BYD Continues to Dominate the Plug-In Vehicle Market
BYD has seen a remarkable ascent in the last two years, proving that affordable plug-in vehicles are in high demand. In 2023, the company sold over 3 million plug-ins, a 62% increase over the previous year. This year, BYD is expected to come close to 3.5 million combined EV and PHEV sales. While pure EV sales have slightly contracted in 2024, the boom in PHEV sales has more than made up for it. In July alone, BYD sold over 210,000 PHEVs, representing a 62% year-over-year increase. Most of these plug-ins were sold in China, but the company is looking to expand globally, with a presence in Europe, South America, and various Asian markets.
Global Plug-In Vehicle Market Overview
BYD and Tesla captured 30% of the global plug-in vehicle market in the first half of 2024. BMW emerged as a surprising third-place contender, surpassing Volkswagen, Mercedes-Benz, and Geely in plug-in vehicle sales. Sales data from the first part of 2024 reveals that BMW sold over 212,000 plug-in vehicles, solidifying its position as a key player in the market. In comparison, Hyundai and Kia combined sold about 195,000 vehicles, showcasing BMW’s impressive performance in the global plug-in vehicle market.
BYD’s Expansion Plans and Global Presence
BYD is focused on expanding its presence outside of China and becoming a truly global player in the plug-in vehicle market. The company has already made inroads into Europe, South America, and various Asian markets. Despite new import duties threatening the affordability of its vehicles in Europe, BYD remains committed to its global expansion strategy. In July 2024, BYD exported over 30,000 vehicles, representing a 65% increase over the previous year. With a focus on both pure EVs and PHEVs, BYD is well-positioned to continue its dominance in the global plug-in vehicle market.
Conclusion
In conclusion, BMW has established itself as a strong contender in the global plug-in vehicle market, surpassing major competitors such as Volkswagen, Mercedes-Benz, and Geely in sales. BYD continues to dominate the market, with impressive growth in plug-in vehicle sales and a focus on expanding its global presence. Despite a slight slowdown in some markets, the overall trend for electric vehicles remains positive, with increasing sales of plug-in hybrids contributing to the growth of the industry. As the demand for affordable and sustainable transportation options continues to rise, manufacturers like BMW and BYD are well-positioned to capitalize on this trend and shape the future of the automotive industry.
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