The EV Race Heats Up: Top 5 Electric Car Brands by Sales

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In the first quarter of 2024, the global registration of new plug-in electric cars exceeded 3.2 million, marking a 25% increase compared to the previous year. Among these, five major automotive groups or OEMs continued to dominate more than half of all plug-in car sales, according to data from EV-Volumes shared by researcher Jose Pontes.

These top five groups, which include BYD Group, Tesla, Geely-Volvo, SAIC, and Volkswagen Group, accounted for over 1.65 million plug-in car registrations, showing a 14% increase year-over-year. However, their combined market share decreased slightly to 51.6% from 56.8% in the first quarter of 2023, indicating a shift in the industry dynamics.

BYD Denza Z9 GT The Latest High-Performance Electric Wagon Making Waves
BYD Denza Z9 GT The Latest High-Performance Electric Wagon

BYD Group maintained its position as the largest group, with over 624,000 units registered, representing a 19.4% market share. Tesla followed closely with more than 386,000 units sold, capturing a 12% share of the market. Together, BYD and Tesla made up 31.4% of the total plug-in market.

The other significant players in the plug-in segment included the rapidly growing Geely-Volvo, Volkswagen Group, and SAIC. Other OEMs held smaller market shares, such as Stellantis, Changan, BMW Group, and Hyundai Motor Group, each with less than a five percent share.

In terms of battery-electric vehicles (EVs), Tesla remained the top manufacturer with over 386,000 registrations, but its market share decreased to 19.0%. BYD Group secured the second position with over 300,000 units, maintaining a stable 14.8% share. Together, Tesla and BYD accounted for 33.8% of the EV segment.

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Geely-Volvo and SAIC emerged as the next significant players in the all-electric car market, with both recording over 149,000 units. Geely-Volvo exhibited substantial growth, outpacing the industry average, while Volkswagen Group faced challenges in maintaining market share.

The top five OEMs continued to dominate both the plug-in and EV segments, highlighting their significant presence in the evolving electric vehicle market.

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