Summary
- Global plugin vehicle registrations up 22% in July 2024 compared to July 2023
- Plugin hybrids saw a 58% YoY jump, selling over 540,000 units
- Plugins represented 20% of the overall auto market in July
- Tesla Model Y leads in sales with 79,000 registrations, while Model 3 dropped 8% YoY
- BYD’s lineup dominated the top EV models list, with 9 representatives in the top 12 positions
Article
In July 2024, global plugin vehicle registrations were up by 22% compared to the previous year, with 1.3 million registrations. The rise in plugin hybrids by 58% played a significant role in this growth, highlighting the disruption caused by this technology in the EV market. Plugins represented 20% share of the overall auto market, with full electric vehicles (BEVs) owning 59% of the market. However, the growth rate of BEVs has been slowing down compared to previous years, indicating a shift towards plugin hybrids.
The Tesla Model Y was the best-selling EV in the world in July, with over 79,000 registrations, while the Tesla Model 3 saw a slight decline in sales. BYD, a Chinese manufacturer, had a strong presence in the top 20 EV models, with multiple models placing in the top positions. The BYD Qin L, a new sedan, quickly gained popularity to become one of the best-selling models. Additionally, a new entrant in the market, the Li Xiang L6, showed promising sales numbers, indicating a potential breakthrough in the top 5 rankings.
In terms of overall EV sales, BYD continued to dominate, with significant sales figures in July. Tesla experienced fluctuating sales numbers, alternating between growth and declines throughout the year. Li Auto, another Chinese manufacturer, climbed up the rankings to compete for the third position alongside BMW. Chinese OEMs saw a rise in market share, with notable brands like AITO and Wuling making a strong comeback in July. The top brands in the EV market were predominantly Chinese, with 11 Chinese brands in the top 20.
When looking at OEMs based on EV registrations, BYD and Tesla remained the top contenders, with BYD gaining market share thanks to recent price cuts and new model launches. Geely-Volvo also showed significant progress in market share, indicating a potential threat to Tesla in the coming years. Volkswagen Group lost some share, while SAIC and BMW Group maintained stable positions. Stellantis faced a decline in market share and needed to react quickly to maintain its competitive edge. The race for top OEM positions was heating up as Chinese OEMs continued to grow steadily.
In the BEV segment, Tesla remained the leader despite losing some market share, with BYD gaining momentum in the PHEV segment. Geely-Volvo retained its position with stable market performance, while SAIC closed in on Volkswagen Group. The competition for the top spots in the EV market was intensifying, with Chinese OEMs showing significant growth. Overall, the EV market was witnessing a shift towards plugin hybrids and increased competition among OEMs to establish their presence and gain market share.
Read the full article here
