Global EV registrations surge as BYD dominates

17 June 2024

The global electric vehicle (EV) new-car market enjoyed strong growth in April, as multiple BYD models performed well. José Pontes, data director at EV Volumes (part of J.D. Power), looks into the figures with Autovista24 journalist Tom Hooker.

A total of 1.2 million new EVs were registered worldwide in April, an increase of 25% year on year. Consisting of battery-electric vehicles (BEVs) and plug-in hybrids (PHEVs) EVs took an 18% share of overall global new-car deliveries during the month.

PHEVs saw registrations soar 51% compared to 12 months ago, while BEVs grew by 14%. The latter accounted for 12% of all deliveries in April. The all-electric technology represented 65% of all EV registrations in April. This brought the plug-in share to 64% between January and April.

Across the first four months of 2024, 4.5 million plug-in models took to roads around the world. This equated to a 17% market share, with BEVs claiming 11% alone.

Tesla delivery decline

The Tesla Model Y was the best-selling EV worldwide once again. The model secured the top spot with 68,586 registrations in April, accounting for 5.6% of deliveries during the month.

The BYD Song came second in the month and was the first of five models in a row from the Chinese carmaker. With 61,324 deliveries, the SUV was over 7,000 units behind the Tesla Model Y. However, it was some distance ahead of the Qin Plus in third, which reached 46,876 registrations.

Then came the BYD Seagull, also known as the Dolphin Mini in some markets. The city car placed fourth, achieving 36,536 units. It was followed by its stablemate, the Destroyer 05 in fifth, which posted a record 33,150 registrations. The sedan is benefitting from the brand's recent price cuts.

The BYD Yuan Plus (Atto 3 in some markets) placed sixth with 29,654 deliveries. With the crossover exported to European markets, it may be affected by upcoming EU tariffs, alongside other made-in-China models.

Splitting the barrage of BYD models was the Tesla Model 3, claiming 24,858 registrations. Taking eighth place was the BYD Han, with 22,164 units. This meant the manufacturer placed six models in the top 10.

VW’s resurgence

The Volkswagen (VW) ID.4 made a rare appearance in the top half of the global table in April, taking ninth with 15,299 deliveries. Behind was the Aito M9 in 10th, reaching 15,139 registrations in its second record month in a row. The Zeekr 001 also had its best-ever performance, placing in 17th thanks to 11,451 units.

There were more record results outside the top 20, with the Volvo EX30 posting 9,074 registrations in its fourth month on the market. The Swedish model is expected to join the top 20 soon.

Its older sibling, the Volvo XC60 PHEV, reached 9,153 units. Meanwhile, the Toyota bZ4X achieved a best-ever 8,836 deliveries.

BYD boosts

Across the first four months of 2024, the Tesla Model Y remained the most popular EV globally, with 331,443 registrations. This equated to a 7.3% share of the plug-in market.

BYD completed the top three, with the Song securing second (203,654 units) and the Qin Plus taking third (138,627 units). The Tesla Model 3 followed in fourth, claiming 131,105 deliveries.

The first position change between January and April was seen in sixth, as the BYD Yuan Plus (Atto 3) overtook the Aito M7, recording 98,628 registrations. Its sibling, the Destroyer 05, jumped four positions into ninth with 66,539 units. This meant seven models from the carmaker featured in the top 10 after the first four months of the year.

Elsewhere, the VW ID.4 moved up two positions into 13th, posting 47,004 deliveries. Also improving were the Aion S (42,032 units) and Aion Y (41,693 units), climbing into 15th and 16th respectively. The BYD Tang returned to the top 20 in 19th, reaching 33,665 registrations.

BMW completes top three

BYD was the best-selling EV brand worldwide in April, thanks to 309,062 deliveries. Accounting for 25.3% of all plug-in registrations, its volume is expected to continue climbing as it benefits from price cuts.

Meanwhile, Tesla’s deliveries were down 15% year on year. The carmaker posted 98,947 units, taking an 8.1% market share.

Tesla recorded double the deliveries of BMW in third, with 43,950 units. Elsewhere, VW surprised in fifth. Good results from its ID.3 and ID.4 models helped the brand reach 34,662 registrations.

Toyota enjoyed a near-record result in April, achieving 24,004 units. The marque benefitted from a strong month for its bZ4X. Toyota is predicted to see record performances this year if models such as the bZ3C land in the carmaker’s main markets.

Joining the best-selling brands' table in 17th was Zeekr, claiming 16,517 deliveries. The brand was one of 11 Chinese appearances in the top 20. This was contrasted with the absence of Ford, Peugeot and Jeep.

Tesla slowdown continues

From January to April, BYD comfortably remained the most popular plug-in brand globally. With 918,799 registrations, the carmaker claimed a 20.4% share of the EV market.

Tesla stayed in second, yet it saw deliveries fall 10% compared to the same period one year ago. Its 485,661 units in the first four months of the year accounted for 10.8% of the plug-in sector.

Some distance behind in third was BMW (166,676 units), followed by Wuling (145,442 units) and Mercedes-Benz (123,987 units). Then came VW, which jumped up three positions in April to sixth with 119,197 registrations.

Volvo also made ground, moving up one spot to ninth (112,515 units). Aion climbed three positions to 11th (93,369 units), helped by strong results from the Aion S and Aion Y.

Another mover in the table was Toyota, up two spots to 14th (84,805 units). Finally, Chery entered the table in 20th, thanks to 53,700 registrations.

BYD benefits

With brands gathered under manufacturing groups, BYD took first, benefitting from its price cuts. The marque moved from a 19.4% market share in March to 20.8% in April. However, this hold was 0.8 percentage points (pp) down year on year.

In second was Tesla, ending the month with a 10.8% market share. This was a 1.2pp drop on March, and a significant fall from its 15.4% hold recorded 12 months ago.

Geely-Volvo took third, keeping its 7.8% share. In April 2023, the group accounted for 6.2% of all deliveries. With strong growth from the Chinese OEM, combined with Tesla’s recent share drop, the former could threaten for second by the end of 2024.

VW Group finished fourth, taking a 6.3% hold of the EV market. Although this result was only marginally down from March, the OEM has dropped 1pp share year on year.

Meanwhile, SAIC came fifth, accounting for 5.6% of plug-in registrations. This was a drop of 0.3pp from the previous month, yet a stable performance compared to April 2023.

Stellantis secured sixth (4% share, down 0.3pp). However, it has lost ground from its 4.8% hold in April 2023. Elsewhere, BMW Group (3.9% share, up 0.1pp) passed Changan (3.8% share, down 0.1pp) for seventh. Meanwhile, ninth-placed Hyundai Motor Group (3.6% share, up 0.1pp) closed in.

BYD gains ground

Tesla kept its lead as the best-selling BEV OEM in 2024 so far, accounting for 16.7% of global all-electric deliveries. However, this was down 2.3pp on March, and a significant slump compared to its share from April 2023.

On the other hand, BYD gained ground with a 16.2% market share. This was up 1.4pp on the previous month and 1.1pp year on year. At this pace, BYD could surpass Tesla in BEV registrations around the third quarter of 2024.

Geely-Volvo (7.2% share, down 0.2pp) kept its advantage in third over SAIC (7.1% share, down 0.2pp). Compared to the same period last year, the former improved from its 5.9% hold, while SAIC has slumped 0.4pp.

VW Group (6.8% share, up 0.1pp) finished fifth in April. However, this was a drop from its 6% share from one year ago. BMW was some distance behind, accounting for 4.1% of the BEV market.

Want class-leading visualisation software?

Discover more