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Reading: Global plug-in car sales surged 23% YoY on May 2024, Tesla Model Y led
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EV-a2z > News > Global plug-in car sales surged 23% YoY on May 2024, Tesla Model Y led
News

Global plug-in car sales surged 23% YoY on May 2024, Tesla Model Y led

EV-a2zm
Last updated: 2024/07/10 at 9:27 PM
EV-a2zm Published July 10, 2024 4 Min Read
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Minsk, Belarus - September 10, 2021 all-electric bright blue SUV Tesla Model Y Long Range drives on a highway during a sunny day.
Minsk, Belarus - September 10, 2021 all-electric bright blue SUV Tesla Model Y Long Range drives on a highway during a sunny day.
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Global plug-in car registrations continued their upward trend, marking a robust 23% year-on-year growth to more than 1.3 million units in May 2024. This consistent growth is a positive sign for the industry’s future.

Contents
Plug-in car registrations – May 2024YTD resultsTop modelsTop brands

Global Plug-In Car Sales Hit 1.3 Million In May 2024 https://t.co/nddHx9ziXl pic.twitter.com/b9oRawXIyO

— Flyin18T Motorsports (@Flyin18T) July 8, 2024

Plug-in car registrations – May 2024

Plug-in car sales, including battery-electric and plug-in hybrid vehicles, have surged 23% YoY globally to a total of 1,324,141 units in May 2024, EV-Volumes data showed. This figure enabled them to claim a notable 20% market share.

Presented below is the breakdown of the global plug-in car registrations in May 2024:

Sales (Est.)YoY GrowthMarket Share
BEVs874,000+17%13%
PHEVs450,000+37%7%
Total1,324,141+23%20%

Interestingly, the Chinese market reportedly accounted for more than 60% of the total plug-in car sales globally (up 33% YoY). While the European market faced a 10% YoY decline, the US and Canada grew by 18% YoY. EV adoption is surging almost everywhere across the world, with Mexico, Chile, and Malaysia more than doubling their figures in May 2024. However, the process is certainly not smooth. There will also be periods of sales decline in some local markets.

INSIDE EV'sによる推移。

台数ベースでは+23%の1,324,141台(BEVは+17%の約87.4万台)、欧州など一部の市場で減少が続く一方で、世界では中国などがけん引し、引き続き成長しています⚡

Global Plug-In Car Sales Hit 1.3 Million In May 2024 https://t.co/2hjoarGtEW https://t.co/AFP4bDiErE pic.twitter.com/G9ck3Ola7E

— 🌸Sakura Yae/八重 さくら🌸 (@yaesakura2019) July 8, 2024

YTD results

As for the year-to-date results, global plug-in electric cars grew 25% YoY to over 5.6 million units. They accounted for 17% of the global market.

Sales (Est.)YoY ChangeMarket Share
BEVs3.6 million –11%
PHEVs2.0 million –6%
Total 5,683,483+25%17%

In hindsight, global plug-in electric car registrations hit nearly 13.7 million units in 2023. They accounted for a notable 16% of the overall volume.

Top models

As expected, the Tesla Model Y continued to lead the sales ranking in May 2024. The Tesla Model 3 landed the 4th spot.

It is interesting to note that Chinese-made electric vehicle models from BYD and Aion dominated the top 10. Even the two Tesla EVs are produced in high volume in China.

Refer to the table below:

RankModelTotal SalesBEV SalesPHEV Sales
1Tesla Model Y89,12089,120–
2BYD Song63,37115,40947,962
3BYD Qin Plus49,29417,11332,181
4Tesla Model 345,05145,051–
5BYD Seagull (Dolphin Mini)36,32336,323–
6BYD Yuan Plus (Atto 3)32,80632,806–
7BYD Destroyer 0525,140–25,140
8BYD Han18,04810,1457,903
9Aion Y17,50617,506–
10Aito M916,4621,73814,724

Top brands

Considering that BYD sells both battery electric and plug-in hybrids, it is no longer surprising that it claimed the first spot in the brand ranking. Tesla trailed behind BYD in the plug-in car ranking. Nonetheless, the Musk-led company remains the leader in the all-electric vehicle ranking.

Here are the top 10 brands in May 2024:

RankBrandSales
1BYD314,760
2Tesla140,683
3BMW45,615
4SAIC-GM-Wuling39,849
5Volkswagen38,210
6Li Auto37,017
7Aito32,507
8Volvo32,166
9Aion30,759
10Geely29,663

While some media reports might suggest a decline in electric vehicles, the actual figures tell a different story. Plug-in car sales are experiencing consistent growth, even exceeding 20% year-over-year (YoY). With all that said, it would be interesting to see how the EV race would fare in the coming quarters, with BYD aiming at Tesla to be in the top spot in the BEV segment.

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TAGGED: Electric Vehicle, EV, Tesla, Tesla Model Y
EV-a2zm July 10, 2024 July 10, 2024
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