TapTechNews reported on May 16th that according to Counterpoint's electric vehicle market tracking report, global sales of new energy passenger vehicles (BEV+PHEV) increased by 18% year-on-year in the first quarter of 2024. Pure electric vehicle (BEV) sales grew moderately by 7%, while plug-in hybrid electric vehicle (PHEV) sales surged by 46%. China maintained its global lead in the first quarter, followed by the United States and Europe. China saw a 28% year-on-year increase in new energy vehicle sales, while the United States saw a 2% year-on-year growth. Despite an overall growth in new energy vehicle sales in the United States, BEV sales declined by 3%. Tesla's sales declined by 9% year-on-year, but with a market share of 19%, the brand reclaimed the top spot in pure electric vehicle sales. BYD achieved a 13% year-on-year growth, with nearly 100,000 units of plug-in hybrid electric vehicles (including BEVs) exported, a 152% increase year-on-year. Counterpoint noted that compared to BEVs, PHEVs have lower upfront costs and eliminate range anxiety due to the presence of a fuel tank. Additionally, PHEVs come in various vehicle types such as sedans, SUVs, and crossovers, with mid-range priced PHEVs being more attractive to consumers as their prices are close to or lower than most BEVs, particularly with SUV models being popular sellers. With reduced manufacturing costs for BEVs, Tesla was able to offer more competitive prices, enabling it to regain the top spot in pure electric vehicle sales with a 19% market share in the first quarter of 2024. BYD Group and Volkswagen Group followed closely. Among the top three automakers, only BYD achieved year-on-year growth (13%), while Tesla and Volkswagen saw sales decline by 9% and 4% respectively. BYD excelled in the PHEV sector, capturing nearly one-third of the global market share. Geely Holding and NIO followed closely.
