Global EV Sales by Top Automakers

The electric vehicle (EV) market saw continued expansion in 2024, with major automakers increasing production and sales to meet rising demand.

*BYD* made its position as the largest electric vehicle manufacturer globally in 2024, holding a 22.2% share of the total EV market. *Tesla*, an American automaker, followed closely with a 10.3% market share.

• Other notable brands included SAIC-GM-Wuling with a 4% share, BMW with 3.1%, and Li Auto at 3%.
• Brands like Geely, Volkswagen, Aito, Mercedes-Benz, and GAC Aion also featured in the top ten, with market shares ranging from 2.7% to 2.2%.
• The top ten BEV companies accounted for 54.5% of the market share in 2024.

In 2023, Tesla overtook BYD as the top producer of EVs when including PHEVs in the sales figures.

• BYD produced 1.8 million vehicles, a 211% increase from 2021, compared to Tesla’s 1.3 million units, which was a 40% increase over 2021.
  • Tesla continued to dominate the BEV market, but BYD’s inclusion of PHEVs helped boost its overall numbers.
• Although Tesla led in the BEV category, BYD’s range of electric models helped it achieve higher overall sales.

The EV industry reached a new high in 2022, with total production exceeding 10 million vehicles for the first time, up from 6.7 million in 2021. This growth shows the increasing shift towards electric mobility.

• BYD's rapid growth positioned it at the forefront of the EV market.
• Tesla managed robust growth, despite intense competition from Chinese manufacturers such as Geely, which saw a 251% increase in production.
• Volkswagen (+10%), GM (+13%), and other well-known brands also saw growth but at a more moderate pace.

The EV industry is set to expand considerably in 2026, driven by both technological advancements and strategic market expansions by leading automakers.

Market Trends, Challenges and Projections:

• Electric car sales could reach nearly 24 million units by 2026.
• BYD, the largest EV manufacturer in China, plans to expand its annual sales by 20%, aiming to reach 3.6 million EVs in 2024. This includes a substantial push to increase international sales to about 500,000 units​.
• The market share for EVs in China could approach 45%, while in Europe and the United States, the market penetration is expected to be around 25% and 11%, respectively.
• Tesla aims to ramp up production, targeting annual production of 20 million cars by 2030. The company is setting up a multi-billion dollar factory in Mexico, with a production capacity of 1 million cars per year.