In 2024, Tesla’s Model Y outperformed traditional bestsellers like the Toyota Corolla and RAV4. It secured the top spot in global passenger car sales again. Meanwhile, BYD’s Song entered the global top 10 best-selling models, showcasing the disruptive momentum of electric vehicles. In the last months of 2024, global electric vehicle sales surged. They set new records consistently. December was a standout month, with global electric vehicle registrations exceeding 1.9 million, reaching an all-time high. The market share for electric vehicles also hit 30% for the first time ever.
Thanks to a strong push in recent months, global electric vehicle registrations reached a new milestone in 2024, surpassing 17 million. This marks a 26% increase from 2023. Plug-in hybrid vehicles grew faster than pure electric vehicles. Last year, electric vehicles gained 6 percentage points in the global automotive market, reaching a 22% share. Pure electric vehicles held a 14% market share, up 3 percentage points year-on-year.
In 2024, the Chinese market will register 10.98 million electric vehicles. This accounts for over 60% of the global total. Europe will register 2.987 million electric vehicles, making up 17.3%. The United States will register about 1.6 million electric vehicles, which is 9%.
2024 Global Top 20 Electric Vehicle List: Tesla Model Y Stays Strong, Two Aito Models Make the Cut In the final model rankings for 2024, Tesla Model Y leads with nearly 1.2 million registrations. This marks its third consecutive year as the world’s best-selling electric vehicle. If Model Y maintains its sales crown this year, it could match the records set by the Nissan Leaf and Tesla Model 3. However, Tesla Model Y’s registrations fell by 3% compared to 2023. With the refreshed Model Y launching in the U.S., Europe, and China, its registrations are expected to recover this year, possibly exceeding 2023’s numbers. The second and third spots remain unchanged from 2022 and 2023. BYD Song takes silver with 739,000 units, easily surpassing Tesla Model 3. Model 3 ends the year with 533,000 registrations, its best performance ever. Despite increased sales, its market share continues to decline, dropping from 14% in 2019 to 3.1% in 2024. Since 2021, its sales have stagnated, with 2024’s record sales only 6% higher than in 2021. In contrast, global electric vehicle sales soared from 6.6 million to 17.2 million, a 160% increase during the same period.
In 2024, the leader among the top three is not BYD’s Qin Plus. Instead, it is its sibling, the Seagull. The Seagull’s sales nearly doubled, rising from 254,000 units in 2023 to 489,000 units in 2024. It expanded into more overseas markets. This year, sales are expected to continue growing, reaching 540,000 units. This poses a challenge for the Model 3. The Model 3 faces internal competition from the new Model Y. Maintaining 530,000 units in 2024 would be a victory. Besides the BYD Song and Seagull, five other BYD models made the top ten. In the top twenty, BYD has ten models, including three new ones: the BYD Qin L, the Seal 06, and the Song L. This showcases BYD’s ability to develop, launch, and enhance new models. However, not all news is good for BYD. The Dolphin’s sales declined. Its global ranking dropped five spots to 11th place in 2024. Outside the BYD fleet, Wuling received good news. Compared to 2023, two Wuling models rose one spot each. The Wuling Hongguang MINI EV now ranks 7th, and the Wuling Bingo ranks 12th. Another highlight is that two models from Wenjie made the Top 20 electric vehicle list in 2024. The Wenjie M7 ranks 14th, while the Wenjie M9 ranks 18th. However, progress comes with setbacks. With the addition of two new models from Wenjie, only one model from Li Auto remains on the list. The Li L6, released last April, currently ranks 15th. The Li L7, L8, and L9 did not make the list this year. Additionally, the Aion Y dropped 8 places in 2024, now ranking 17th. Volkswagen’s two electric vehicles also saw significant declines. The ID.4 fell from 12th in 2023 to 16th. The ID.3 dropped from 15th to 20th. These two models are the only electric vehicles from traditional OEMs on the list. Models from Hyundai, Kia, and Ford did not make the cut, indicating that traditional automakers still need to catch up in the electric vehicle transition. In the 2024 global Top 20 electric vehicle brands, BYD surpasses Tesla. Chinese brands show significant growth. After defeating Tesla in 2022 and 2023, BYD continued to widen its lead in 2024. The sales gap between the two expanded from 1 million in 2023 to over 2 million. BYD’s leadership in the global electric vehicle market seems unshakeable for the coming years. However, BYD’s year-on-year sales growth slowed compared to 56% in 2023. It may further decelerate in 2025. In the domestic market, BYD has become the best-selling car brand, with demand nearing its limit. This suggests limited room for growth. Overseas sales will drive the brand’s growth. BYD has opened factories in Brazil and Thailand. This move may boost overseas sales further.
Let’s talk about Tesla. In recent years, new electric vehicle models have emerged. This surge has eroded Tesla’s market share. It dropped from 17% in 2019 to 10% in 2024. To regain lost ground, Tesla must diversify its product lineup. Reports suggest a cheaper compact car will launch in 2025, potentially aiding its growth. Wuling benefited from the rise of its two electric vehicles. Its ranking climbed from 6th in 2023 to 3rd in 2024. Geely also showed clear progress, moving from 10th to 4th place. Leap Motor made the biggest jump, rising from 20th to 12th. Additionally, AITO and Deep Blue made their debut on the list in 2024. Among traditional brands, Volvo’s ranking rose by one, thanks to the success of the EX30 and XC60 plug-in hybrids. Kia’s EV3 took longer than expected to gain traction, yet Kia still climbed one spot to 13th. Toyota surprised many. Despite widespread media reports about its slow electrification, Toyota performed well in 2024. Its electric vehicle sales grew by 69% year-over-year. The ranking jumped from 19th in 2023 to 14th. Market share increased from 1.1% to 1.5%. This growth stemmed from rising sales of popular models. Last year, the RAV4 PHEV, C-HR PHEV, Crown Crossover PHEV, Prius PHEV, bZ3, and bZ4X all sold over 10,000 units. In contrast, Ford and Jeep struggled. Both fell out of the Top 20 list. This drop means the number of traditional brands among the top 20 best-selling electric vehicle brands decreased from 10 to 8. Chinese automotive brands now dominate the list.
Chinese car brands, led by BYD, continue to rise in market share. BYD’s share increased by 2.6 percentage points compared to 2023. Aito’s share grew from under 1% last year to 2.2% this year. Geely’s market share rose by 0.7 percentage points. Wuling and Li Auto also saw gains. In contrast, Tesla’s market share fell by 2.8 percentage points. Volkswagen’s share decreased by 0.9 percentage points. BMW’s market share dropped by 0.6 percentage points. Mercedes-Benz’s share declined by 0.5 percentage points. Will BYD and other Chinese brands gain more share by 2025? Can Tesla maintain its position? Will traditional giants like Volkswagen, BMW, and Mercedes-Benz continue to lose share? We will wait and see!