In February 2024, global registrations of plug-in electric cars increased year-over-year, but only slightly. That's because of a temporary slowdown in China (due to the 2024 Chinese New Year holiday) and we should not be worried about growth potential.
According to EV-Volumes data, shared by researcher Jose Pontes, 830,783 new passenger plug-in electric cars were registered globally in February (about 3% more than a year ago). The market share amounted to roughly 13% (compared to 14% a year ago).
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Global EV sales record
More than 13.6 million plug-in electric cars were registered around the world in 2023. That's about 16% of all car registrations. In 2024, it might be close to 20 million units.
February was the first month under 1 million plug-in car registrations since April 2023. However, considering the past 9-month streak of 1+ million units and the expected expansion of the segment, it might be the last time under one million units in a month.
All-electric car registrations accounted for about 64% of all plug-in car registrations, which is some 532,000 (down 6% year-over-year) and an 8% market share. Plug-in hybrid car registrations are estimated at roughly 299,000, up 20% year-over-year.
Plug-in car registrations for the month:
- BEVs: about *532,000 (down 6%) and 8% market share
- PHEVs: about *299,000 (up 20%) and 5% market share
- Total: 830,783 (up 3%) and 13% market share
* estimated
Global Plug-In Electric Car Sales – February 2024
In the first two months of the year, more than 1.9 million plug-in electric cars have been registered around the world. It's about 14% of the total volume.
Plug-in car registrations January-February 2024 (YOY change):
- BEVs: about *1.2 million (up 23%) and 9% market share
- PHEVs: about *0.7 million (up 46%) and 5% market share
- Total: 1,923,621 (up 30%) and 14% market share
* estimated
For reference, in 2023, almost 13.7 million plug-in electric cars have been registered around the world, which was 16% of the total volume (compared to 14% in 2022, 9% in 2021 and 4% in 2020). The year 2024 should be even better, potentially close to 20 million units.
Model rank
The Tesla Model Y was the world's best-selling plug-in model in February with 78,119 new registrations. Due to a slower month in China, the Tesla Model 3 improved its position to second, ahead of several Chinese plug-ins.
One of the most interesting things is that the Volkswagen ID.4 joined the top 10 in February, but it's not yet there year-to-date.
Top 10 for the month:
- Tesla Model Y - 78,119
- Tesla Model 3 - 37,901
- BYD Qin Plus - 31,482 (3,631 BEVs + 27,851 PHEVs)
- BYD Song - 30,622 (2,643 BEVs + 27,979 PHEVs)
- Aito M7 (EREV): 21,083
- BYD Seagull - 14,430
- Wuling Hong Guang MINI EV: 12,649
- BYD Yuan Plus (aka Atto 3) - 12,579
- BYD Dolphin - 12,540
- Volkswagen ID.4 - 8,640
* BEV and PHEV versions of the same models were counted together in the source.
Brand rank
In terms of brands, BYD continued to sell the highest number of plug-in electric cars, but this time with a marginal lead over Tesla. The two went neck and neck with respectively 121,748 and 121,053 units. Of course, the reason was the 2024 Chinese New Year holiday, which affected BYD more than Tesla.
Top 10 for the month:
- BYD - 121,748
- Tesla - 121,053
- SAIC-GM-Wuling - 33,679
- BMW - 33,524
- Aito - 27,962
- Mercedes-Benz - 25,064
- Geely - 22,197
- Volkswagen - 21,998
- Volvo - 21,670
- Li Auto - 20,660
Top Automotive Groups
BYD Group accounts for 17.3% of all plug-in car sales globally. Tesla and Geely-Volvo account for 12.4% and 8.3% after the first two months of 2024.
Top automotive groups by share in the plug-in segment in January-February:
- BYD Group - 17.3% (332,075)
- Tesla - 12.4% (237,936)
- Geely–Volvo - 8.3% (158,814)
- Volkswagen Group - 6.5% share (124,992)
- SAIC - 6.4% (122,261)
including SAIC-GM-Wuling joint venture (between SAIC, GM and Liuzhou Wuling Motors) - Stellantis - 4.4%
- BMW - 4.0%
- Changan - N/A
If we exclude plug-in hybrids, the comparison of automotive groups is significantly different. Tesla sold significantly more all-electric cars than BYD during the first two months of the year. Other manufacturers are noticeably behind but are progressing.
Top automotive groups by share in the all-electric segment in January-February:
- Tesla - 19.8% (237,936)
- BYD Group - 14.5% (173,664)
- SAIC - 7.7% (93,089)
including SAIC-GM-Wuling joint venture (between SAIC, GM, and Liuzhou Wuling Motors) - Geely–Volvo - 7.7% (92,435)
- Volkswagen Group - 6.9% share (83,177)
- BMW Group - 4.4%
