Electric vehicle (EV) sales volumes hit a new global peak in September, with BYD emerging as the top EV brand of the month. The company’s record-breaking sales of 399,442 units were attributed to its competitive pricing strategy. Following closely behind, Tesla saw a 24% increase in deliveries in September, bouncing back from a decline in August. The brand’s sales performance has been a mix of ups and downs throughout the year, with anticipated growth in 2025 due to the launch of new models like the Model Y and increased production of the Cybertruck.
Chinese brands also made a significant mark in the EV market, with Wuling, Li Auto, and Geely securing third, fourth, and fifth place respectively. Volkswagen saw a boost in sales, reaching a new high for 2024 with 44,434 registrations. In the second half of the top 20 table, Chinese brands like Leapmotor, Chery, Zeekr, and XPeng also achieved record-breaking sales figures.
BYD maintained a substantial lead in EV registrations between January and September, surpassing Tesla by more than double the number of units. BMW, holding the third position, faced competition from Wuling and Li Auto, potentially losing its fifth-place slot by the end of the year. Geely’s steady rise in the rankings hinted at a possible challenge to VW’s position in the coming months.
In terms of market share, BYD increased its global EV market share to 23.4%, while Tesla’s share decreased to 11%. Geely-Volvo showed significant progress with a 7.9% share, positioning itself to potentially challenge Tesla in the future. BMW lost ground with a 3.6% market share, while Changan closed in with only 3,820 units behind.
When it comes to the BEV market, Tesla remained at the forefront with a 17.5% share, but BYD’s steady growth positioned it as a potential rival in the first half of 2025. SAIC, thanks to its Wuling brand, claimed a 7.9% share, surpassing Geely-Volvo. VW Group maintained a stable position with a 6.8% share, while BMW Group and the Hyundai Motor Group followed closely behind.
Overall, the EV market saw a mix of brand performances in September, with Chinese brands making significant strides and established players facing tough competition. The landscape is set to evolve further in the coming months as new models are introduced and market dynamics shift.
