Global EV Sales Surge: Plug-in Hybrids Break Records!

Global electric vehicle (EV) sales are heating up, with July 2024 marking a significant milestone for plug-in hybrid electric vehicles (PHEVs). Last month, 1.3 million plug-in vehicles were registered worldwide, showing a 22% increase compared to July 2023. While fully electric vehicles (BEVs) saw a modest 5% year-over-year growth, PHEVs skyrocketed by 58%, with over 540,000 units sold. This marks the second consecutive record-breaking month for PHEVs, and the highest growth rate since January.

The Rise of Plug-in Hybrids

The surge in PHEV sales, especially in China, is shaking up the global EV market. Despite the absence of subsidies, PHEVs are gaining traction, making them a force to be reckoned with. This trend is impossible to ignore, and it’s making waves across the industry.

Globally, plug-in vehicles now account for 20% of all auto sales, with BEVs making up 12% of that share. Year-to-date, plug-in EVs have maintained an 18% market share, with BEVs representing 12%. However, BEVs’ share of plug-in registrations dropped to 59% in July, down from 70% a year ago. This shift highlights the growing influence of PHEVs in the EV market.

Top 20 Best-Selling EV Models in July

In July, the Tesla Model Y continued its reign as the best-selling EV globally, with around 79,000 registrations, up 4% year-over-year. However, the Tesla Model 3 slipped to 7th place with nearly 31,000 registrations, an 8% drop from last year.

BYD, the Chinese automotive giant, made a strong showing, placing nine models in the top 20. The BYD Qin L, a newcomer, secured a spot in the top 5 with over 32,000 registrations in just its second month on the market. Meanwhile, the Li Xiang L6, a midsize SUV, climbed to 8th place with nearly 25,000 units sold, showcasing the rapid rise of Chinese EV brands.

A Shifting Market

As BYD continues to dominate, other legacy automakers are struggling to keep up. Volkswagen’s ID.3 missed out on a top 20 spot, with only 11,786 units sold, leaving the ID.4 as the sole legacy OEM model in the top 20. This could signal a deeper shift in the market, with Chinese brands taking the lead.

In the year-to-date rankings, the Tesla Model Y and BYD Song remain at the top, while the Tesla Model 3 lost ground to the BYD Qin Plus. The competition is heating up, and the EV market is more dynamic than ever.

Top-Selling EV Brands and OEMs

BYD continues to lead the pack, with over 328,000 registrations in July alone. Tesla, meanwhile, saw a mixed performance, with sales fluctuating month by month. In July, Tesla’s sales grew by 4% year-over-year, thanks in part to the increasing deliveries of the Cybertruck.

Other brands like Li Auto and AITO are also making significant gains, with Li Auto securing 3rd place among the top-selling EV brands. Legacy automakers like BMW and Volkswagen are feeling the pressure, with their market shares shrinking as Chinese startups and new players gain ground.

As the global EV market evolves, one thing is clear: the competition is fierce, and the landscape is constantly changing. Stay tuned as we continue to track the latest developments in the world of electric vehicles.

Source: Cleantechnica.com