The global electric vehicle (EV) market has seen a mix of performances from manufacturers in the first half of 2024. Regional growth patterns have played a significant role in determining the success of OEMs in the electric light-vehicle market. Chinese vehicle makers like Geely, Changan, Li Auto, Seres (Aito), and Chery have shown impressive growth compared to their Western counterparts.
BYD, despite experiencing a slowdown in year-on-year volume growth, remained the global EV-market leader. With a diverse product portfolio that includes BEVs, PHEVs, and EREVs, BYD has established itself as a major player in the market. The manufacturer has been particularly successful in regions like South America, ASEAN, the Middle East, and Russia.
Tesla, on the other hand, faced challenges in maintaining its position as the leading OEM in global BEV sales. The company saw a decline in deliveries, especially in regions like China, Western Europe, North America, and Australia. Fierce pricing competition in China and delays in the rollout of the Model 3 have contributed to Tesla’s struggles in the first half of 2024.
Volkswagen (VW) Group also experienced a slackening grip on the global EV market, with only a 6% year-on-year sales growth. Audi and Cupra were the primary drivers of growth for the OEM, while other brands within the group saw declines in sales. In China, VW continues to participate in a price war, while Audi and Porsche do not.
Geely emerged as a big winner in the first half of 2024, tripling its global EV sector share. The company’s European affiliate, Volvo, also saw significant growth, especially in the European market. The Volvo EX30 BEV was particularly successful, with a large number of units sold in Europe.
Other manufacturers like GM, Stellantis, BMW Group, and Changan also saw varying levels of growth in the first half of 2024. GM’s sales grew by 32%, driven by new models on the Ultium battery platform. Changan, on the other hand, recorded an 87% increase in sales and is planning to enter the European market.
Overall, the first half of 2024 has been a period of mixed performances for EV manufacturers. While some OEMs have seen significant growth, others have faced challenges in maintaining their market positions. As the global EV market continues to evolve, it will be interesting to see which manufacturers emerge as the leaders by the end of the year. Stay updated with the latest insights from EV Volumes on Autovista24 to track the developments in the electric vehicle industry.
