Chinese brands continued to dominate the global electric vehicle (EV) market in October, with BYD, Wuling, and Li Auto leading the way. According to data from EV Volumes, plug-in deliveries surpassed 1.7 million units in the month, marking a 36.9% increase compared to the previous year. This growth pushed the total number of EV sales in the first 10 months of 2024 to over 13.4 million units, a 25.5% increase year-on-year.
In October, battery-electric vehicles (BEVs) accounted for 61% of EV sales, while plug-in hybrids (PHEVs) made up the remaining 39%. However, there was a 7% drop in the market share of all-electric cars compared to the previous year.
Throughout the first 10 months of 2024, BEVs held a 62.8% share of the electric vehicle market. The decline in all-electric market share was consistent with the results seen in October, with BEVs experiencing a 6.8% drop.
Chinese automotive brands dominated the top positions in the global ranking of EV sellers, with BYD leading the pack. The brand saw a 58.2% increase in plug-in deliveries, reaching 457,933 units and capturing a 26.1% market share. Tesla secured the second spot with a 6.9% market share, although this marked a 2.1% decrease. Wuling, including Baojun, claimed a 4.9% market share with 86,775 units sold, representing a 58% growth.
Geely, including Galaxy, climbed to fourth place in October, recording 63,203 registrations and a 3.6% market share. Li Auto dropped to fifth place with a 3% market share, despite a 31.8% increase in registrations to 53,262 units.
German brands also made their mark in the EV market, with BMW and Volkswagen competing for market share. BMW’s EV deliveries increased by 1.3% to 44,826 units, while VW saw a 0.5% increase with 44,305 deliveries in October.
Leapmotor and Chery also experienced significant growth in registrations, securing the eighth and ninth positions respectively in the global EV market rankings. Aito rounded out the top 10 with a 1.9% market share and a 166.2% increase in sales to 34,058 units.
Overall, Chinese brands maintained a strong presence in the global EV market, with BYD leading the pack in registrations between January and October. Tesla held onto the second spot, while Wuling, BMW, and Li Auto also saw impressive growth in sales and market share.
The data from EV Volumes highlights the continued growth and competition in the electric vehicle market, with Chinese and German brands playing a significant role in shaping the industry’s future. As the demand for EVs continues to rise, it will be interesting to see how these brands innovate and adapt to meet the evolving needs of consumers worldwide.
