The world’s most popular electric vehicle in the first half of 2024

The world’s most popular electric vehicle in the first half of 2024

Data from EV Volumes, an analysis of the global electric vehicle market in June 2024, shows that the global electric vehicle market experienced significant growth in June 2024, with sales approaching 1.5 million units, a year-on-year increase of 15%. While sales of battery electric vehicles (BEVs) grew slightly more slowly, rising only 4%, deliveries of plug-in hybrid electric vehicles (PHEVs) saw a staggering 41% increase, surpassing the 500,000 mark and setting a new record. Together, these two vehicle types accounted for 22% of the global auto market, with battery electric vehicles capturing 14%. Notably, all-electric technology accounted for 63% of electric vehicle registrations, and in the first half of 2024, this proportion reached 64%.

Tesla and BYD’s Market Leadership
Tesla maintained its lead in the global electric vehicle market during June, with the Model Y topping the charts with 119,503 registrations, while the Model 3 followed closely with 65,267 deliveries, buoyed by end-of-quarter sales surges. BYD demonstrated the success of its pricing strategy by securing seven positions in the top ten electric vehicle rankings.

Market Performance of New Models
Ideal Auto’s new L6 mid-size SUV entered the top ten in its third month of sales, ranking seventh with 23,864 registrations. BYD’s new Qin L entered the top ten directly in its launch month with 18,021 registrations.

Market dynamics for other brands: Zeekr’s flagship 001 model concluded June with 14,600 sales, setting a record for the third consecutive month. Xiaomi’s SU7 also entered the top twenty and is projected to continue climbing towards the forefront of bestseller rankings in 2024. GAC Aion Y and Volkswagen ID.3 both achieved strong new results for 2024, completing June’s rankings with 17,258 and 16,949 registrations respectively.

Volvo and Hyundai’s market performance
saw Volvo’s EX30 reach a record 11,711 registrations in June. Despite stabilising European deliveries, its launch in the Chinese market is expected to drive further growth. The Hyundai Ioniq 5 recorded 10,048 sales in June, its strongest performance since August last year.

Market Trends
Wuling’s Mini EV and Bingo failed to enter the top 20, marking the first time in years the brand has not secured a position on the rankings. In the first half of 2024, Tesla Model Y and BYD Song maintained their top positions, while Tesla Model 3 claimed third place from BYD Qin Plus. This ranking trend is expected to persist through the year, making 2024 likely the third consecutive year with identical rankings.

Market Trend Analysis
Market trends indicate that compact vehicles in the A0 and A00 segments are losing their dominant position in the electric vehicle market share, whereas full-size models are steadily gaining ground. Among the top 20 models, the number of vehicles in the A, B, E, and F segments is increasing, signalling growing market demand for larger vehicles.