Third Quarter EV Sales Report of 2024
The third quarter of 2024 saw a significant shake-up in the global electric vehicle (EV) market, with traditional automakers struggling to keep pace with dedicated EV companies and emerging players.
Tesla maintained its position as the world's leading EV manufacturer, delivering an impressive 463,000 electric vehicles in the third quarter. However, Chinese brands are making their presence felt, with BYD narrowing the gap significantly. BYD delivered 443,000 electric vehicles, just 20,000 vehicles behind Tesla.
China's dominance in the global EV market continued, with Chinese automakers AION (GAC) and Changan selling 102,000 and 73,000 electric vehicles respectively. Geely sold 197,000 electric vehicles, edging out Volkswagen to claim the third spot in the third quarter. SAIC-GM-Wuling (SGMW) sold 170,000 electric vehicles in the third quarter, securing the fifth position.
Other Chinese brands, such as Nio and Leapmotor, also showed strong growth, selling 62,000 and 60,000 electric vehicles respectively. This indicates the rise of smaller, emerging players in the global EV market.
Ford, Honda, Renault, and Nissan each sold around 20,000 electric vehicles, reflecting the challenges traditional automakers face in keeping up with dedicated EV companies. Ford continued to trail behind as it works to scale its EV production, while Honda, Renault, and Nissan each struggled to make a significant impact.
VinFast sold 22,000 electric vehicles, also indicating growth for smaller, emerging players. XPeng sold 47,000 electric vehicles, demonstrating the diversity of players in the market.
BMW sold 104,000 electric vehicles in the third quarter, with the iX and i4 models resonating with buyers looking for premium electric options. Toyota sold 35,000 electric vehicles, continuing to trail behind as it works to scale its EV production.
Mercedes-Benz sold 61,000 electric vehicles, while Stellantis and General Motors sold 65,000 electric vehicles each, showing steady but unspectacular progress. However, Stellantis faces declining overall vehicle sales in 2025, with an 8.1% drop in the first seven months and a shrinking European market share from 14.9% to 13.9% in July. Compared to major EV players like Volkswagen Group, which holds a dominant 40.5% market share in Germany's EV segment and is heavily investing in electric platforms and technology, Stellantis lags behind in EV market positioning and execution.
Overall, the Q3 2024 results indicate a rapidly changing and intensely competitive EV market, with the rise of Chinese automakers signaling a broader shift in global market dynamics. The race to become the global leader in EV manufacturing is heating up, and it remains to be seen who will come out on top.
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