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The electric vehicle (EV) market continued to evolve in 2024, with Tesla's Model Y maintaining its position as the world's best-selling EV. The Tesla Model 3 followed closely in third place, while BYD, a Chinese manufacturer, made a significant impact with multiple models appearing in the top 20.
The Tesla Model Y led the way with over 1.1 million deliveries, solidifying its position as the global leader in EV sales. The Tesla Model 3 moved up to second place in December 2024, recording 4.8% of the market and 58,407 deliveries.
BYD, a Chinese automaker, had a strong presence in the top EV rankings. The BYD Song took the second spot globally, the BYD Seagull ranked third, and the BYD Yuan Up and BYD Yuan Plus finished fourth and sixth respectively. In fact, BYD had 10 models in the 2025 top 20 list, reflecting the growing popularity of Chinese EVs.
European manufacturers also made an appearance in the top 10, with the Volkswagen (VW) ID.3 claiming ninth place.
Although the Toyota RAV4 was the overall best-selling vehicle globally in 2024, it is primarily a gasoline model. Only the BYD Qin from China appeared among the global top 10 vehicles combining EV and non-EV categories.
The Chinese market saw increased demand for EVs in 2024, but demand dropped during the Chinese New Year celebrations, which lasted from 10 February to 24 February. BEV registrations increased by 13.6% to 10.8 million units, and PHEV deliveries increased by 54.4% year on year to 6.5 million units.
In December 2024, BEV registrations were up by 15.3% to 1.2 million units. The Tesla Model Y was the leading BEV model, with an 11% share of the market and 134,408 deliveries. The Wuling Bingo climbed to fifth place, with a 2.6% share of the market and 31,255 sales.
The Aion Y was in eighth place among BEVs, while the Xiaomi SU7 came seventh with 25,815 units and a 2.1% share. The Geely Geome Xingyuan was in tenth place with 16,491 registrations and a 1.3% share.
BYD also dominated the PHEV market in December 2024. The BYD Song commanded the global PHEV market, with a market share of 10.3% as its sales climbed 23.4% year on year to 76,433 units.
In summary, the EV market in 2024 continued to be dominated by Tesla's Model Y and Model 3, with strong competition and rising presence from Chinese manufacturer BYD. The growth in EV demand was particularly notable in China, contributing significantly to the overall market expansion.
- The electric vehicle (EV) industry in 2024 witnessed a significant impact from BYD, a Chinese automaker, as multiple models from this manufacturer made it to the top 20 EV rankings.
- The Tesla Model Y, a popular electric car, led the world in EV sales with over 1.1 million deliveries, while the Tesla Model 3 followed closely in third place in the global market.
- The finance sector had a major role to play in the growing popularity of electric vehicles, as the market expanded significantly due to increased demand, particularly in China.
- The transportation sector experienced a technological shift in 2024, with electric vehicles like the Tesla Model Y and various models from BYD making substantial gains in the market, posing a challenge to traditional gasoline vehicles.
