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The electric vehicle (EV) market experienced significant changes in 2024, with BYD and Tesla leading the pack but facing growing competition from both legacy and new manufacturers.
BYD, the Chinese automaker, narrowly surpassed Tesla to become the world's largest EV maker, selling approximately 1.78 million units in 2024. Tesla followed closely behind with 1.77 million sales[1][5]. This marked a significant shift in the EV market, with BYD taking the lead globally since 2024[1].
Tesla's market share, which was around 80% in 2019-2020, has been on a steady decline. By 2023, it dropped to the mid-60% range, and further to 45% in the first five months of 2025[2]. In the US market during early 2025, Tesla's EV market share dropped 8 percentage points, while competitors like Chevrolet increased their share significantly (from 3% to 7%) and Honda emerged with 3%[2].
Legacy automakers such as Ford, Renault, VW, Skoda, Peugeot, and Cupra saw strong EV sales growth in 2025, with Ford’s EV sales rising 324% in early 2025 compared to 2024, and several European brands posting over 100% increases in EV sales[4].
Other notable performances in 2024 include:
- Wuling was in third place, with 688,415 deliveries in 2024, up by 44.7% from the previous year.
- Chery climbed to seventh in December 2024, with a 204.5% year-on-year increase and 50,291 units delivered.
- Leapmotor's sales increased by 47.9% in December 2024, with 41,353 units delivered.
- Geely's plug-in deliveries reached 458,473 units in 2024, up from 208,342 in the previous year.
- Mercedes-Benz's global EV deliveries increased by a marginal 0.2% in 2024, commanding 2.2% of the market.
- Aion's sales dropped by 22.6% in 2024, with the Chinese brand's market share falling 1.3pp to 2.2%.
The global EV market grew by 26.1% in 2024 compared to 2023, reaching over 17.29 million units in total. December 2024 saw the highest growth in the global EV market, with growth of 26.1%. Battery-electric vehicles (BEVs) accounted for 62.5% of the global EV market in 2024, while plug-in hybrids (PHEVs) made up 37.5%. BMW sold 535,586 plug-in vehicles in 2024, up 7.1% year on year.
The Chinese market had a significant impact on the EV market in 2024, with the Chinese New Year affecting deliveries in February. Despite this, the Chinese market remained a driving force in the global EV market's growth.
This shift signals increasing diversity in the EV market with multiple strong competitors expanding beyond Tesla’s earlier dominance. As the market continues to evolve, it will be interesting to see how the competition unfolds in the coming years.
| Manufacturer | 2024 EV Sales (million units) | Market Share Trends | |--------------|-------------------------------|------------------------------| | BYD | ~1.78 | Largest EV manufacturer globally since 2024 | | Tesla | ~1.77 | Market share declining from ~80% in 2019 to 45% in early 2025 | | Wuling | 0.688 | Third place globally in 2024 | | Chery | 0.050 | Seventh place in December 2024 | | Leapmotor | 0.041 | Not in top five globally in 2024 | | Geely | 0.458 | Not in top five globally in 2024 | | Mercedes-Benz | 0.036 | Not in top five globally in 2024 | | Aion | 0.042 | Not in top five globally in 2024 |
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