TapTechNews May 14 news, according to Counterpoint's electric vehicle market tracking report, global new energy passenger cars (BEV+PHEV) sales in the first quarter of 2024 increased by 18% year-on-year, with pure electric (BEV) sales increasing by 7% year-on-year and plug-in hybrid (PHEV) sales increasing by 46% year-on-year.
The Chinese market still leads the global new energy passenger car market, with the United States and Europe following closely. The sales of Chinese BEV cars increased by 28% year-on-year, while the growth rate in the United States was only 2%; the overall sales of electric vehicles in the United States increased, but BEV sales decreased by 3% year-on-year.
Leading electric vehicle companies such as Tesla and BYD have successfully reduced the manufacturing cost of their BEVs, enabling them to offer competitive prices.
This has put pressure on other automakers like Ford and General Motors, who are currently working on reducing manufacturing costs and introducing BEVs at competitive prices but are facing significant losses.
To reduce these losses, traditional automakers are adjusting their BEV targets and prioritizing PHEVs. It is expected that the adoption rate of PHEVs will continue to rise until these automakers devise strategies to lower BEV manufacturing costs and meet emission targets to avoid fines.
In terms of sales, although Tesla's sales have decreased by 9% year-on-year, it has reclaimed the top spot in BEV sales, capturing 19% market share. Following closely behind are BYD Group and Volkswagen Group.
It is worth noting that among the top three automakers, only BYD achieved growth (13% year-on-year), while Tesla and Volkswagen saw decreases of 9% and 4% respectively month-on-month.
BYD exported nearly 100,000 electric vehicles (including PHEVs), a significant increase of 152% year-on-year, mainly concentrated in Southeast Asia.
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GlobalEVSalesJump18%inQ12024onPHEVMomentum,ChinaLeadsWith28%YoYGrowth