World’s Top 5 EV Automotive Groups Ranked By Sales: Q1 2024

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More than 3.2 million new passenger plug-in electric cars were registered globally during the first quarter of 2024, which is about 25% more than a year earlier.

Today, we will examine the largest manufacturers (automotive groups or OEMs) of rechargeable cars. According to EV-Volumes data shared by researcher Jose Pontes, five groups continue to be responsible for more than half of all plug-in car sales.

First, we will check out the volume and share of the top groups in the overall plug-in market, followed by the battery-electric segment. The sales results of particular brands and models for March and Q1 2024 can be found here.

Plug-ins (EVs + PHEVs)

The plug-in category combines battery electric cars (EV) and plug-in hybrid cars (PHEV). The top five in 2023 include BYD Group, Tesla, Geely-Volvo, SAIC and Volkswagen Group.

Those five groups account for over 1.65 million rechargeable car registrations (up 14% year-over-year). Their share in the segment decreased to 51.6% (from 56.8% in Q1 2023). This leaves over 1.55 million units (up 40%) and a 48.4% share for the rest of the industry. It seems that the top five is losing some steam.

BYD remains the largest group, with over 624,000 units registered and a 19.4% share (down from 21.3% a year ago).

Tesla maintains its second-place position (offering only all-electric cars), with more than 386,000 units sold and a 12% share (down from 16.5% a year ago). Together, BYD and Tesla represent 31.4% of the total plug-in market (down from 37.8% a year ago).

The next three largest groups are the quickly growing Geely-Volvo, Volkswagen Group, which lost one position, and SAIC.

Other OEMs have below a five percent share: Stellantis (4.3%), Changan (4.0%), BMW Group (3.8%) and Hyundai Motor Group (3.5%).

Plug-in car registrations in Q1 2024 (vs. previous year):

  1. BYD Group: 624,398 and 19.4% share (vs. 21.3%)
  2. Tesla: 386,825 and 12% share (vs. 16.5%)
  3. Geely-Volvo: 251,106 and 7.8% share (vs. 6.1%)
  4. Volkswagen Group: 205,652 and 6.4% share (vs. 7.4%)
  5. SAIC (incl. SAIC-GM-Wuling): 190,409 and 5.9% share (vs. 5.5%)

Top 5 total: 1,658,390 and 51.6% share
Others: 1,557,976 and 48.4% share
Total: 3,216,366

Battery-Electric Vehicles (EVs)

Regarding all-electric car registrations, the EV-focused Tesla is the top manufacturer (no change here). The company noted over 386,000 registrations, although its share in the EV segment decreased to 19.0% (compared to 23.6% a year ago).

BYD, which is second best, noted over 300,000 units and a 14.8% share in the EV segment (stable compared to Q1 2023). Together, the two manufacturers represent 33.8% of the EV segment (compared to 38.3% a year ago). We have compared Tesla’s and BYD’s EV sales here.

The next two largest manufacturers of all-electric cars were Geely-Volvo and SAIC (incl. SAIC-GM-Wuling), which both noted over 149,000 units. However, only Geely-Volvo is growing much faster (by 47% year-over-year) than the industry average of roughly 10%.

Meanwhile, Volkswagen Group is barely growing and losing market share and two positions. It might not be able to return to the podium this year.

All-electric car registrations in Q1 2024 (vs. previous year):

  1. Tesla: 386,825 and 19% share (vs. 23.6%)
  2. BYD Group: 300,124 and 14.8% share (vs. 14.7%)
  3. Geely-Volvo: 149,647 and 7.4% share (vs. 5.7%)
  4. SAIC (incl. SAIC-GM-Wuling): 149,290 and 7.3% share (vs. 7.4%)
  5. Volkswagen Group: 136,949 and 6.7% share (vs. 7.5%)

Top 5 total: 1,122,835 and 55.2% share
Others: 911,165 and 44.8% share
Total: 2,034,000 (estimated)

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