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In the ever-evolving world of electric vehicles (EVs), the first nine months of 2024 have seen a significant shift in the global market share.
Chinese automaker BYD has claimed the top spot, accounting for 23.4% of the global EV market. This represents a substantial increase from its 21.9% share recorded twelve months ago and 23.2% in August's report. In September alone, BYD sold a record-breaking 399,442 units, making it the world's leading EV brand.
Tesla, once a dominant force in the EV market, has seen a slight decrease in its market share. The American company's share dropped to 11%, down from 14% at the same point in 2023. Despite this, Tesla recorded more than three times the number of EV deliveries as third-place BMW in the same period, with a 24% increase from August to 191,430 deliveries in September.
Other notable movers in the EV market include Geely-Volvo, which saw a growth from 6.1% in the same period of 2023 to 7.9% in 2024. Geely could potentially overtake Volkswagen by the end of the year, with its 53,358 deliveries securing fifth place.
In Germany, the electric vehicle market growth in 2025 was primarily driven by traditional German brands such as Volkswagen, BMW, and Mercedes. These brands held the leading positions in new electric vehicle registrations, alongside a strong overall increase in battery electric vehicles (BEVs) and plug-in hybrids (PHEVs).
The Hyundai Motor Group finds itself in seventh place with a 4.1% share of the BEV market, while Li Auto and XPeng are in fourth and sixth place, respectively, with 55,602 units and 20,609 registrations in September.
Chinese brand Chery reached 13th place with 29,041 EV sales in September, and Leapmotor posted a record 32,988 deliveries in the second half of 2024.
Notably, Wuling took third place in September with 68,605 registrations, pushing BMW down to sixth place, losing its third-place slot from 2023. With this shift, BMW could end 2024 in fifth place, depending on the performance of Geely and Volkswagen in the remaining months.
As we look towards the first half of 2025, BYD could potentially surpass Tesla for the BEV title, given the anticipated growth from the refresh of the Model Y and increased production volume of the Cybertruck. These developments in the EV market promise an exciting and competitive landscape in the coming years.
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