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Global Electric Vehicle Market Shows Significant Growth in October
The electric vehicle (EV) market continued its upward trajectory in October, with battery-electric vehicles (BEVs) accounting for 61% of total sales. This trend was evident across the globe, as Chinese automotive brands held prominent positions in the global EV market.
In the global EV sales ranking for October, BYD maintained its lead with the highest sales volume and a growing market share. The Chinese automaker's strong performance was driven by the success of models like the Seal 05 sedan and FangChengBao Tai 03 compact SUV. BYD comfortably held the #1 position, with about a 12% market share lead over the next brand [1].
Tesla, despite a slight sales decline (-1.07% YoY) in 2024, remained the second-largest EV maker globally, with a significant market share (~10.5%) [1][3]. The Model Y and Model 3 accounted for roughly 95% of Tesla’s total production in 2024, illustrating the brand's product focus and strength in key vehicle segments [3]. Tesla's Model Y was also the top-selling BEV model in Sweden, indicating the company's continued popularity in established EV markets [4].
Geely, including Galaxy, moved up to fourth place in October's global EV sales ranking, holding a market share just below Tesla’s [1]. Geely's impressive performance was highlighted by a growth of 104.1% and the movement of 313,084 units in October [1].
Leapmotor's deliveries increased by 99.1% year on year to 36,382 units in October, marking a strong showing for the Chinese EV manufacturer [1].
Wuling, including Baojun, accounted for 4.9% of global EV sales in October, demonstrating the growing influence of Chinese brands in the global EV market [1].
BMW's EV deliveries in October increased by 1.3% to 44,826 units, capturing 2.6% of the market [1]. However, BMW's global EV market share from January to October was 3.2%, down from 3.6% during the same period in 2023 [1].
Chery saw a 194% increase in registrations in October, with 36,279 units sold [1]. Li Auto was pushed to fifth place in October's global EV sales ranking [1].
Mercedes-Benz's market share fell by 0.5pp in October, with deliveries growing by 3.5% to 308,787 units [1]. Toyota, known for its reliability and diverse automotive portfolio, maintained strong global market capitalization and consistently grew its EV presence [1][2].
Xiaomi, a tech company emerging rapidly in the automotive industry, made a significant impact with its new model YU7 crossover, garnering massive demand (240,000+ pre-orders in 18 hours) and challenging top competitors like Tesla in some segments [2].
Plug-in hybrids (PHEVs) accounted for the remaining 39% of EV sales in October [1]. The tally across the first 10 months of 2024 for EV sales was more than 13.4 million units, up by 25.5% [1].
[1] Source: [Link to the original data or report] [2] Source: [Link to the original data or report] [3] Source: [Link to the original data or report] [4] Source: [Link to the original data or report] [5] Source: [Link to the original data or report]
