The global market for Battery Electric Vehicles (BEVs) saw Tesla leading the pack with an 18.5 percent share, followed closely by BYD at 17.5 percent, and Nio securing the eighth position with a 2.4 percent share. BYD, known for its dominance in the plug-in hybrid electric vehicle (PHEV) market, continued to see an uptick in sales of its hybrid models.
According to market research firm TrendForce, global sales of New Energy Vehicles (NEVs), including PHEVs, BEVs, and hydrogen fuel-cell vehicles, reached 4.12 million units in the third quarter, marking a 19.3 percent increase from the same period last year. PHEVs specifically saw a significant increase in sales, totaling 1.61 million units in the third quarter, a 55.3 percent year-on-year growth. The Chinese market played a crucial role in driving global PHEV sales, with several local brands dominating the top 10 spots.
BYD maintained its lead in the PHEV market, achieving record sales and market share in the third quarter, capturing 40.1 percent of the market. Li Auto and Aito, backed by Huawei, secured the second and third positions, respectively, with record quarterly sales. However, their market share has yet to exceed 10 percent, indicating intense competition in the Chinese market.
BYD’s third-quarter sales data revealed a significant shift, with PHEVs accounting for 60.73 percent of total passenger NEV sales, surpassing BEVs for the first time. This shift highlights the evolving landscape of electric vehicle sales and consumer preferences.
In the BEV market, global sales reached 2.51 million units in the third quarter, a 3.9 percent increase from the previous year. Tesla and BYD led the pack with 18.5 percent and 17.5 percent market shares, respectively. SAIC-GM-Wuling, Volkswagen, and GAC Aion secured the third through fifth positions, with SAIC-GM-Wuling experiencing year-on-year growth.
Notably, Leapmotor emerged as the seventh top seller of BEVs in the third quarter, showcasing impressive performance and potential for expansion into new markets. Nio, on the other hand, ranked eighth in the global BEV market, capturing a 2.4 percent share.
Looking ahead, TrendForce projects global NEV sales for the full year of 2024 to reach 16.26 million units, reflecting a 24.8 percent annual growth rate. The dynamic landscape of the electric vehicle market continues to evolve, with established players and newcomers vying for market share and innovation.
