Global sale of New Energy Vehicles (NEVs), which include Battery Electric Vehicles (BEVs), Plug-in Hybrid Electric Vehicles (PHEVs), and Fuel Cell Electric Vehicles (FCEVs), surged 16.9 percent to 2.842 million units in the first quarter of 2024.
It is the first time in three years that the quarterly YoY growth rate for global NEV sales has fallen below 20 percent, according to TrendForce Global Automotive Reports.
BEV sales reached 1.8 million units, a 4.2 percent increase, while PHEV sales soared by 48.3 percent to 1.041 million units.
In the BEV market, Tesla maintained its leading position with a 21.5 percent market share, despite a decline of 8.5 percent. BYD (excluding Denza) followed with a 16.6 percent share and a 13.3 percent growth rate. SAIC-GM-Wuling secured third place, and BMW made a notable rise to fourth with a 41.1 percent increase in sales.
On the other hand, GAC Aion experienced a significant 37.2 percent decline, dropping to sixth place as its key model, the Aion S, struggled to penetrate beyond the ride-hailing market. This limited market reach is likely to continue affecting GAC Aion’s sales unless it can expand into the consumer market. Consequently, its quarterly ranking and market share have decreased for two consecutive quarters.
In the PHEV segment, BYD continued to dominate, although its market share saw a slight decline. Collectively, BYD’s sub-brands captured over 30 percent of the market. AITO ranked second, but its key model, the M7, is under scrutiny due to traffic accidents, potentially impacting its brand image and consumer trust.
Li Auto, in third place, has shifted focus to PHEVs after a lukewarm response to its first BEV, with the new, affordable L6 model (priced at CNY 250,000) expected to boost sales and market share this year. Jeep, ranked sixth, enjoyed a 37 percent sales increase after updating its main models.
TrendForce highlights that PHEVs are poised to play a vital role in the electrification journey, maintaining strong sales resilience amid a slowdown in BEV demand. Automakers are adjusting their strategies in the European market, moving away from a 2030 full electrification goal and reinvesting in PHEV development. This shift could revive PHEV sales in Western Europe, following two years of decline, and drive growth through 2024.