Which brand won the battle for China’s EV market?
25 February 2025
China’s electric vehicle (EV) market ended 2024 strongly, but which brand led the way as the year ended? Autovista24 special content editor Phil Curry takes a look at the most successful carmakers.
China’s EV market grew by 38.2% in 2024, helped by a resurgence in plug-in hybrid (PHEV) sales. In total, 11.2 million battery-electric vehicles (BEVs) and PHEVs were registered, compared to 8.11 million units in 2023, according to data from EV Volumes.
While BEVs still dominated the EV market, their share dropped dramatically. The powertrain represented 56.6% of all electric registrations last year. However, this was a decline of 10.1 percentage points (pp) compared to 2023.
PHEVs grew their share from 33.3% to 43.4%. While there was still some distance between the two technologies, the gap narrowed significantly across the 12-month period.
In December, EV registrations grew by 33.6%, with 1.33 million units delivered to customers. BEVs took a 56.6% share of this total, down 7.3pp year on year. The strong performance of PHEVs meant that despite a lower volume, their share climbed to 43.4%.
This closing gap means 2025 will likely pose questions for the Chinese EV market. Will BEVs find their footing again, or is the interest in PHEVs likely to continue to rise across the 12 months?
BYD bosses China’s market
BYD dominated China’s EV registrations in 2024. The marque controlled its domestic market with a total of 3.52 million deliveries, up by 28.2% compared to the whole of 2023. Its delivery amount was more than five times higher than Wuling in second place.
BYD took a 31.4% market share, down by 2.5pp compared to 2023, due to the increasing competition. Yet by dominating China’s growing PHEV market, the brand capitalised on changing attitudes within the EV market.
Wuling, including the Baojun brand, ended the year in second. It recorded 673,279 deliveries in the year, an improvement of 43.8%. This equated to a 6% market share, up 0.2pp. The brand will be hoping to continue this success in 2025.
Tesla saw 659,012 deliveries in China in 2024, an improvement of 7.6% compared to 2023. This was enough to secure third, with the US marque taking a 5.9% share of the market, down by 1.7pp.
Fourth went to Li Auto, with 500,984 registrations. This was a 33.2% year-on-year improvement, giving the brand a 4.5% market share, down 0.1pp.
Geely, including the Galaxy brand, held onto fifth. It saw 458,464 of its units take to China’s roads in the year, an improvement of 120.1%. This improvement meant the carmaker’s market share jumped, from 2.6% recorded in 2023, to 4.1% in 2024.
Struggles show
Aito took sixth in 2024’s EV top 10, with 386,817 units delivered to customers. This was a 290.1% increase on the brand’s 2023 performance, meaning its share of 3.5% was up 2.3pp.
In seventh, Aion recorded 366,938 registrations across 2024. This was a decline for the brand, with figures down 24%. Aion struggled last year and was the only marque in the top 10 to post a volume loss. Its 2023 figure would have been enough for third place in the 2024 chart. The poor performance meant its 3.3% market share in 2024 was down 2.7pp year on year.
Eighth went to Leapmotor, with 285,868 registrations, an improvement of 85.9% compared to its results from 2023. This gave the brand a 2.5% market share, up 1.1pp.
Ninth place was secured by Chery, with 284,478 deliveries, just 1,390 units behind Leapmotor. This was still a strong result for the brand, with figures up 150.4% year on year. Chery’s share of total EV registrations was 2.5%, up 1.1pp.
Finally, 10th was taken by Changan, making 227,127 deliveries to customers. This was a 13.1% rise compared to 2023, while its 2% share of the market was down by 0.5pp.
China’s growth in December
In December 2024, BYD led China’s EV market with 376,248 registrations. This was an improvement of 25.3% compared to December 2023, as the marque continued to find its stride. However, Increased competition meant that the brand’s market share fell by 1.9pp to 28.3%.
Second place went to Wuling, thanks to its strong performance in the BEV market during December. Together with Baojun, the carmaker accumulated 96,385 deliveries, a 42.8% rise. This meant the Chinese marque made up 7.2% of all EV registrations, an increase of 0.4pp.
Wuling’s success meant Tesla was pushed into third position in the month, despite its usual end-of-quarter registrations bounce. While the Model Y performed well, the Model 3 did not enjoy the same success.
The US brand did achieve 83,905 registrations in December, a rise of 6.9% year on year. This left it with a market share of 6.2%, down from the 7.8% it recorded in the same month last year.
Geely, including the Galaxy brand, ended the month in fourth with 70,111 registrations, an improvement of 176.1%. This equated to a 5.3% market share, up by 2.7pp. Li Auto finished fifth, with 58,513 deliveries, up 16.2% year on year. The brand’s 4.4% share of registrations was down by 0.7pp compared to its result in December 2023.
Poor results
Chery took sixth in the final month of 2024, with deliveries totalling 48,980 units. This was 211.6% higher than the brand achieved in December 2023, with its market share jumping 2.1pp, to 3.7%.
Leapmotor secured seventh with 40,769 deliveries, improving by 47%. The marque represented 3.1% of all EV registrations, up 0.3pp.
Aion continued to struggle in December. Although the brand finished the month in eighth with 36,149 registrations, this was down 18.1% compared to the same period in 2023.
The Chinese manufacturer felt the heat of competition more than its rivals in 2024 after finishing fifth in December 2023. This poor performance meant Aion’s market share fell by 1.7pp, to 2.7%.
Ninth place went to Xpeng, with 34,092 units delivered, an increase of 75.6% year on year. This meant a market share gain of 0.6pp, to 2.6%. Rounding out the top 10 was Aito, with 30,180 registrations, a 22.2% rise over December 2023. Its market share of 2.3% was only down by 0.2pp.
