17 December 2024
Chinese brands continued to power the global electric vehicle (EV) market in October, including BYD, Wuling and Li Auto. Autovista24 editor, Tom Geggus, reviews the latest data from EV Volumes.
Chinese automotive brands held prominent positions in the global EV market in October, continuing to contribute to growth. According to data from EVV Volumes, plug-in deliveries reached over 1.7 million in the month, up 36.9% year on year. This pushed the tally across the first 10 months of 2024 to more than 13.4 million units, up by 25.5%.
In October, battery-electric vehicles (BEVs) made up 61% of EV sales, with plug-in hybrids (PHEVs) accounting for the rest. However, this equates to a year-on-year drop of seven percentage points (pp) for all-electric cars.
Between January and October this year, BEVs represented 62.8% of the electric vehicle market. The all-electric drop was similar to October’s result, with the powertrain’s EV market share falling 6.8pp.
Chinese brands take table titles
Chinese brands made up seven of the top 10 positions in the global ranking of EV sellers, led by BYD. Its plug-in deliveries increased by 58.2% year on year to 457,933 units, representing 26.1% of all EV sales. This was up from 22.5% at the same point last year.
Among many Chinese brands, Tesla took second place with a 6.9% market share, down 2.1pp. Recording 121,179 sales, the US brand saw its registrations increase by 5.4% year on year. In third, Wuling, including Baojun, accounted for 4.9% of global EV sales, up by 0.6pp. Its deliveries grew by 58% to 86,775 units.
Geely, including Galaxy, moved up to fourth place in October from fifth in September. It managed to record 63,203 registrations. This marked an increase of 132.1% as the brand claimed an EV market share of 3.6%, up 1.5pp. Li Auto was pushed to fifth with a share of 3%, down 0.1pp. However, its registrations did increase by 31.8% to 53,262 units in October.
German brands compete
In sixth, BMW’s EV deliveries increased by 1.3% to 44,826 units, capturing 2.6% of the market, down by 0.8pp. This put it ahead of Volkswagen (VW), which moved down to seventh in the month. Its 44,305 deliveries increased by 0.5%. This meant it accounted for 2.5% of the market, down from 3.4% at the same point last year.
In eighth, Leapmotor climbed the table as its deliveries increased by 99.1% year on year to 36,382 units. Its market share grew to 2.1% from 1.4% a year ago. Chery saw even greater registration growth as it moved up to ninth. Its deliveries soared by 194% to 36,279 units, taking an EV market share of 2.1%, up 1.1pp.
Aito finished the month in 10th with a market share of 1.9%, up 0.9pp. Its sales increased by 166.2% to 34,058 units.
Consistent Chinese brands
BYD lead the global EV market between January and October, recording over 3 million registrations. This equated to growth of 35.3% compared with the same period in 2023. The brand made up 22.7% of all plug-in sales, equating to an increase of 1.6pp.
Tesla finished in second, holding on to a share of 10.5%, down from 13.4% one year ago. Its sales fell by 1.9% to 1.4 million units. Wuling, including Baojun sold 490,299 EVs, up by 40% year on year. This meant its market share increased by 0.3pp to 3.6%.
BMW captured 3.2% of the global EV market in fourth, down from a 3.6% share during the same period of 2023. Its sales reached 433,492 units, up by 11.5% year on year. Li Auto recorded 415,427 registrations, equating to a growth of 45.9%. This meant it represented 3.1% of the market, up from 2.6% 12 months ago.
In sixth, VW’s deliveries fell by 5.3% to 362,549 units, allowing it to capture 2.7% of the market, down by 0.9pp. On the other hand, Aito recorded a registration growth of 501.9% to 324,310 EVs. This meant its market share rose by 1.9pp to 2.4%, putting it in seventh.
Geely, including Galaxy, moved 313,084 units, representing a growth of 104.1%. It made up 2.3% of all EV sales, up from 1.4% at the same point last year. In ninth, Mercedes-Benz’s market share fell, down by 0.5pp to 2.3%. Its deliveries grew by 3.5% to 308,787 units. In 10th, Aion saw its sales shrink by 26.1% to 296,569 deliveries as its hold on the market fell by 1.5pp to 2.2%.
