In January 2024, global registrations of plug-in electric cars continued at a seven-digit level (the ninth consecutive month above 1 million) and with a solid year-over-year growth rate.

According to EV-Volumes data, shared by researcher Jose Pontes, 1,067,248 new passenger plug-in electric cars were registered globally in January (about 63% more than a year ago). The market share amounted to roughly 16% (compared to 11% 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.

All-electric car registrations accounted for about 61% of all plug-in car registrations, which is some 651,000 (up 48% year-over-year) and a 10% market share. It means that one in ten new cars sold globally were fully electrified.

Plug-in hybrid car registrations are estimated at roughly 416,000. The key thing is the growth rate of 91% year-over-year thanks to the big PHEV sales growth in China (the largest plug-in car market, which is responsible for about 60% of all rechargeable car sales).

Plug-in car registrations for the month:

• BEVs: about *651,000 (up 48%) and 10% market share
• PHEVs: about *416,000 (up 91%) and 6% market share
• Total: 1,067,248 (up 63%) and 16% 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).

Plug-in car registrations January-December 2023 (YOY change):

• BEVs: about *9,493,040 (up 30%) and 11% market share
• PHEVs: about *4,196,251 (up 47%) and 5% market share
• Total: 13,689,291 (up 35%) and 16% market share

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 January with 74,230 new registrations, continuing its undisputed leadership.

The BYD Song family (when counting BEVs and PHEVs together) remains the second best with 52,290 units. Sales results of this nameplate might be affected this year by the introduction of derivative/similar models by BYD, including the Song L.

The Tesla Model 3 (35,109) once again was the best of the rest. The biggest surprise is the fourth-place finish for the Aito M7 (29,997), an EREV SUV from the Huawei and Seres’ joint venture, which entered the market with a splash.

Top 10 for the month:

1. Tesla Model Y – 74,230
2. BYD Song – 52,290 (6,615 BEVs + 45,675 PHEVs) 
3. Tesla Model 3 – 35,109
4. Aito M7 (EREV): 29,997
5. BYD Qin Plus – 29,244 (4,620 BEVs + 24,624 PHEVs)
6. BYD Seagull – 28,050
7. BYD Dolphin – 23,213
8. BYD Yuan Plus (aka Atto 3) – 23,062
9. Changan Lumin – 16,041
10. Wuling Hong Guang MINI EV: 15,521

* BEV and PHEV versions of the same models were counted together in the source.

Brand rank

In terms of brands, without any surprise, BYD continues to sell the highest number of plug-in electric cars. Tesla was second best among plug-ins (#1 if only all-electric cars are considered). Our attention was caught by Geely with 41,415 units in third position.

Top 10 for the month:

1. BYD – 195,411
2. Tesla – 113,978
3. Geely – 41,415
4. BMW – 36,414
5. SAIC-GM-Wuling – 35,878
6. Li Auto – 31,166
7. Aito – 31,002
8. Volkswagen – 29,162
9. Mercedes-Benz – 26,969
10. Changan – 26,700

 

Top Automotive Groups

BYD Group accounts for almost a fifth of all plug-in car sales globally. Tesla and Geely-Volvo take roughly one-tenth each.

Top automotive groups by share in the plug-in segment in January:

• BYD Group – 19.8% (211,334)
• Tesla – 10.7% (113,978)
• Geely–Volvo – 9.7% (103,113)
• Volkswagen Group – 6.2% share (66,472)
• SAIC – 6.1% (65,113)
  including SAIC-GM-Wuling joint venture (between SAIC, GM and Liuzhou Wuling Motors)
• Changan – 4.7%
• Stellantis – 3.7%

If we exclude plug-in hybrids, the comparison of automotive groups is significantly different. Tesla and BYD are now very close to each other. However, Tesla remains the number one with a 17.6% share (0.5 percent points higher than BYD Group).

It will be a very interesting race between the two manufacturers in the all-electric car segment. Other manufacturers are noticeably behind.

Top automotive groups by share in the all-electric segment in January:

• Tesla – 17.6% (113,978)
• BYD Group – 17.1% (110,718)
• Geely–Volvo – 8.3% (53,954)
• SAIC – 7.7% (49,608)
  including SAIC-GM-Wuling joint venture (between SAIC, GM, and Liuzhou Wuling Motors)
• Volkswagen Group – 6.9% share (44,746)