The global electric vehicle (EV) market saw a significant increase in sales in November, with Chinese brands leading the way in terms of growth. According to Autovista24 editor Tom Geggus, the total number of EV deliveries worldwide reached 1.86 million, representing a 33.4% year-on-year increase. From January to November, a total of 15.35 million EVs were registered, showing a 26.3% growth compared to the previous year.
While plug-in hybrid vehicles (PHEVs) experienced the highest growth rates, battery-electric vehicles (BEVs) still dominated the market in November. BEVs accounted for 63.6% of global EV sales, although this was a decrease of 5.5 percentage points compared to the previous year. PHEVs, on the other hand, made up 36.4% of the market, showing a significant increase from the previous year.
Among the top EV brands globally, Chinese automaker BYD emerged as the market leader in November 2024, capturing 22.8% of the market share. BYD registered 425,907 units, a 47.5% increase compared to the previous year, with PHEVs contributing significantly to this growth. The popularity of PHEVs can be attributed to their advanced technology, offering consumers a balance between electric and internal combustion engine (ICE) technology.
In contrast, BEV-only brands like Tesla faced challenges in the market. Tesla, in second place, registered 172,838 units in November, a 0.9% decrease from the previous year. Wuling and Geely followed closely behind, with substantial increases in EV sales. European brands like BMW and Volkswagen experienced declines in EV sales, while Chinese brands like Leapmotor, Aion, and Chery saw significant growth.
BYD maintained its lead in the EV market throughout the year, delivering 3.49 million units and capturing 22.8% of the market share. Tesla, on the other hand, saw a decline in market share to 10.3%, with 1.58 million units registered. Wuling, BMW, and Li Auto also performed well in the market, while Volkswagen faced challenges with a drop in deliveries.
Overall, the EV market continues to expand globally, with Chinese brands playing a significant role in driving growth. The competition between BEVs and PHEVs, as well as the influence of factors like consumer preferences, infrastructure development, and geopolitical tensions, will shape the future of the EV market in the coming years.
