The global electric vehicle (EV) market continues its expansion, with nearly 1.5 million units sold in June 2024 alone, marking a 15% increase year-on-year. Battery-electric vehicles (BEVs) experienced a modest 4% sales increase compared to June 2023, while plug-in hybrid vehicles (PHEVs) surged by 41%, surpassing 500,000 units and setting a new sales record. Combined, EVs accounted for 22% of the global automotive market in June, with BEVs representing 14% of this share. In the first half of 2024, EVs captured 18% of worldwide vehicle registrations, with BEVs making up 12% of the total.
Tesla Leads, BYD Gains Ground in Global EV Race
Tesla’s Model Y emerged as the top-selling EV globally in June 2024, achieving 119,503 registrations. The Tesla Model 3 secured the second position, boosted by the company’s typical end-of-quarter sales surge, recording 65,267 deliveries.
Global EV sales in the first half of 2024, showing market share and top manufacturers.
Chinese automaker BYD demonstrated significant market presence, claiming seven spots within June’s top-10 EV models. BYD’s competitive pricing strategies continue to attract consumers, challenging traditional internal combustion engine vehicles. Notably, the Li Auto L6, a midsize SUV, was the only non-Tesla or BYD model to break into the top 10, securing seventh place in June with 23,864 registrations in just its third month on the market.
BYD’s performance was further highlighted by the debut of the Qin L, which immediately entered the top 10 in its first month, registering 18,021 units. The rapid success of the Qin L may have impacted sales of the Qin Plus, as both models cater to a similar market segment within BYD’s lineup.
Beyond the top contenders, Zeekr’s refreshed 001 model achieved 16th place with 14,600 sales, marking its third consecutive record result. The Xiaomi SU7 sedan also made its debut in the top 20, landing in 17th position in June and is expected to climb further in the best-sellers ranking throughout 2024, potentially reaching the top 10 before year-end. The GAC Aion Y and Volkswagen ID.3 both reached new sales peaks for 2024, ranking 13th and 14th respectively.
Volvo, Hyundai, and MG Show Strong Performances
Volvo experienced notable success with its recently launched EX30, achieving a record 11,711 registrations. While sales are stabilizing in Europe, the EX30’s introduction in China is expected to drive further growth, potentially pushing it into the top 20 soon.
The Hyundai Ioniq 5 also stood out in June, recording 10,048 sales, its best performance since August of the previous year. Similarly, the Audi Q4 e-Tron (10,825 units) and the MG4 (12,410 units) both achieved their best monthly sales figures of the year. However, Wuling, a traditionally strong player in the EV market, saw both its Mini EV and Bingo models fall outside the top 20 for the first time in several years.
Consistent Leaders in the First Half of 2024
Looking at the overall performance in the first half of 2024, the Tesla Model Y and BYD Song maintained their positions as the top two best-selling EVs globally. The Tesla Model 3 capitalized on end-of-quarter sales to overtake the BYD Qin Plus for third place. This top-three mirror the full-year results of both 2023 and 2022, suggesting a consistent pattern in the global EV market leadership.
Further down the rankings, the BYD Destroyer 05 climbed to seventh place, displacing the Aito M7 to eighth. The GAC Aion Y also improved its standing, moving up to 13th position. Thanks to strong June sales, the Volkswagen ID.3 advanced to 16th. Conversely, the Changan Lumin’s slower sales month allowed the BYD Tang (18th) and Aito M9 (19th) to each gain one position. A broader market trend indicates a decreasing relevance of smaller city cars, while larger, full-size models are gaining popularity. Currently, the top 20 list includes five models each from the A and B segments, as well as the E and F segments, suggesting a potential shift towards larger vehicles as the Changan Lumin sits at 20th and the Zeekr 001 just outside at 21st.
