FYI: BYD and Tesla Dominating Global Plug-In Market in H1 2024, BMW Surges to Third
BYD and Tesla Command Global Plug-In Vehicle Market Share
BYD and Tesla have securely occupied 30% of the global plug-in vehicle segment as of the first half of 2024. Meanwhile, BMW has emerged as a surprising third in the hierarchy, surpassing giants like Volkswagen, Mercedes-Benz, and Geely.
Plug-In Vehicle Market Dynamics in 2024
Despite a noticeable deceleration in electric vehicle sales across various markets, the numbers maintain an upward trend over 2023. A surge in plug-in hybrid sales has notably contributed to this growth. Dominating this space globally are BYD and Tesla, whose combined dominance continues into 2024. However, BMW’s noteworthy entry into the top-three ranking signifies a shift in market dynamics.
BMW’s Impressive Growth
Data from EV Volumes highlights BMW’s substantial performance, particularly in the U.S., where from January to May 2024, BMW sold over 212,000 plug-in units (both EVs and PHEVs). This feat places BMW behind BYD with 1.2 million sales, constituting 21% of global plug-in sales, and Tesla with approximately 625,000 sales.
To provide perspective, BMW’s combined EV and PHEV sales exceeded the collective sales of Hyundai and Kia, which stood at around 195,000 vehicles for the same period.
Detailed Plug-In Sales Figures
BMW’s momentum is underscored by its own sales data, revealing a total of 179,557 battery-electric vehicle sales (excluding PHEVs) in H1 2024—a 34.1% increase from H1 2023. In totality, BMW’s electrified vehicle sales reached 269,065 units in the first six months of 2024, registering a 9.6% year-on-year uptick.
Competitive Landscape
China’s Wuling, specializing in small vehicles, racked up plug-in sales of 179,700 units. Trailing Wuling were Volkswagen at 157,200 units, Mercedes-Benz at 150,600 units, and Geely at nearly 146,000 units throughout this period.
BYD’s Remarkable Climb
BYD’s climb over the last two years is nothing short of spectacular, underscoring a global demand for cost-effective plug-in vehicles. In 2023, BYD achieved sales of over 3 million plug-ins, a substantial 62% increase from 2022. The forecast for 2024 is even more ambitious, with an anticipated 3.5 million combined EV and PHEV sales.
While BYD’s pure EV sales dipped slightly in 2024, a significant surge in PHEV sales has compensated for the shortfall. In July alone, BYD recorded sales of approximately 130,000 full EVs (a 4% drop from July 2023), but its PHEV sales reached over 210,000 units, marking a 62% year-on-year surge.
BYD’s Global Ambitions
Although most of BYD’s sales are concentrated in China, its exporting prowess is expanding steadily. Over 30,000 vehicles were exported, a 65% increase from 2023. BYD’s ambitions are truly global, aiming to cement its presence in Europe despite new import duties, as well as in markets across South America and Asia.
Conclusion
FYI: The global plug-in vehicle market in the first half of 2024 demonstrates that while BYD and Tesla hold steadfast to their leading positions, BMW’s impressive entry into the top three rankings is noteworthy. The competitive landscape continues to shift, underpinned by robust sales figures and strategic market expansions, particularly from BYD aiming for a broader global footprint.
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William Kouch, Editor of Automotive.fyi
