Summary
– Global plugin vehicle registrations increased by 23% in May 2024 compared to May 2023, with 1.3 million registrations
– Plugins represented 20% of the overall auto market, with BEVs accounting for 13% of that share
– Despite some media reports suggesting a decline in EVs, plugins are growing steadily at over 20% year over year
– The Russian automotive market is currently the fastest growing EV market, with Chinese OEMs dominating due to legacy OEMs withdrawing post sanctions related to the war in Ukraine
– The top 20 EV models in May include the Tesla Model Y as the best seller, with the BYD Song and Qin Plus following closely, along with other models like the AITO M9 and GAC Aion Y
Article
In May 2024, global plugin vehicle registrations were up by 23%, with 1.3 million registrations. Battery electric vehicles (BEVs) saw a 17% increase year over year, while plugin hybrids jumped by 37%. Overall, plugins represented 20% of the global auto market, with BEVs alone accounting for 13%. Despite some media speculation about a decline in EV sales, the numbers show steady growth, with plugins growing at a rate of over 20% year over year. Even without the fast-growing Chinese market, there was still growth, albeit at a more modest rate. In North America, EV sales were up by 18% in May, showcasing a positive trend in the market.
Surprisingly, the fastest-growing EV markets are outside of China, Europe, and North America. Markets like Mexico, Brazil, Chile, Malaysia, Singapore, and even Russia are experiencing significant growth in EV sales. In Russia, the rapid electrification of the automotive market is attributed to the withdrawal of legacy OEMs due to sanctions related to the Ukraine war. This created an opportunity for Chinese OEMs to dominate the market, leading to a resurgence in sales. With supply dictating demand, the Russian automotive market is quickly transitioning to electric vehicles due to the influx of Chinese brands.
In May, the top 20 best-selling EV models globally included the Tesla Model Y, BYD models, and others like the AITO M9 and GAC’s Aion Y. BYD had a strong showing with six models in the top 8. Other notable mentions included Zeekr, Li Auto, Volkswagen’s ID.3 and ID.4, and Volvo’s EX30. Models like the Hyundai Ioniq 5 and NIO’s ES6 also performed well. The market is showing a shift towards more electric models, with legacy OEMs like Volkswagen making their mark alongside newer entrants.
The year-to-date (YTD) table for top 20 EV models showed the Tesla Model Y and BYD Song maintaining their positions at the top. The Tesla Model 3 was in fourth place, aiming to surpass the BYD Qin Plus in June. Other models like GAC’s Aion Y, VW ID.4, and Wuling Bingo climbed up the rankings. AITO M9 entered the table at 20th place, replacing the Li Xiang L9, while the Audi Q4 e-tron struggled to break into the top 20. Overall, the EV market is showing a healthy mix of established and newer models competing for market share.
As the global automotive market continues to transition towards electric vehicles, the growth of EV sales is evident across different regions. The fast-paced electrification of the automotive industry is driven by a combination of factors, including government incentives, technological advancements, and increasing consumer demand for sustainable transportation options. With EVs representing a significant portion of total auto sales, the shift towards electric mobility is becoming more pronounced. As more automakers introduce new electric models and expand their EV offerings, the market is expected to continue its upward trajectory towards a more sustainable future.
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