Global Electric Vehicle sales have increased by around a third in early 2024 compared to the same period last year, according to data complied by EV research house, Rho Motion.
EV sales total 1.9m globally so far in 2024 compared to 1.5m the same period in 2023.
Charles Lester, Leading EV Data Analyst at Rho Motion, said: “We’re encouraged to see the global EV sales steadily increasing year on year as the global market has grown by 32% so far n 2024. Relatively new regions to EVs such as Latin America and the SE Asia peripheries are rapidly expanding and we can expect these to be the fastest growing markets for some time to come.”
China was the strongest region for sales growth with the US and Canada not far behind.
In 2024 year-to-date, China recorded a 34% increase in sales, with BYD’s ascendancy integral to global sales growth. BYD is China’s top domestic EV brands and has exported 60,000 units during the period making it the world’s largest exporter.
China’s growing dominance in the EV space was highlighted by BYD overtaking Volkswagen as the country’s top-selling brand.
“In recent months, China has been the point of concern [for Volkswagen] as BYD surpassed Volkswagen to become the top-selling brand in the country,” said Orwa Mohamad, Analyst at Third Bridge.
“Volkswagen faces challenges in China, including perception as an old legacy player, and stiff competition from domestic brands on EV innovation and software. Our experts say Chinese customers tend to favour more innovative and affordable cars from local brands such as BYD, XPeng, Zeekr, and SAIC.”
