Tesla pips BYD as global EV sales edge higher in 2024, plug in hybrids surge

The global sales of electrified vehicles are expected to total 16.26 million in 2024, a year-on-year increase of nearly 25 per cent, thanks in part to a strong third quarter and a surge in the uptake of plug in hybrid vehicles.

These are the latest findings from Taiwanese research firm TrendForce, and covers the sale of all so-called “new energy vehicles”, or NEVs – which includes battery electric vehicles (BEV), plug-in hybrid electric vehicles (PHEV), and hydrogen fuel cell electric vehicles (FCEV).

According to the latest data from TrendForce, global NEV sales reached 4.123 million in the third quarter, with BEV sales accounting for 2.509 million, or 61 per cent.

Tesla maintained its stranglehold on the top spot, with a BEV market share of 18.5 per cent, followed by Chinese EV giant BYD at 17.5 per cent.

While BEVs remained dominant, the pace of growth in this sector is slowing, with quarterly sales only 3.9 per cent up on the third quarter of 2023.

Instead, it was PHEVs that saw sales rocket in the third quarter, up 55.3 per cent year-on-year, to 1.612 million.

China was responsible for the lion’s share of the success for PHEV models, accounting for 80 per cent of global PHEV sales in the third quarter, and Chinese brands capturing several positions amongst the top 10.

BYD remained the undisputed PHEV leader in the third quarter, accounting for over 40 per cent of the global PHEV market share.