July 22, 2024

The global electric vehicle (EV) market posted a strong performance in May. While China drove growth, the Russian market accelerated rapidly. José Pontes, data director at EV Volumes, discusses the figures with Autovista24 journalist Tom Hooker.

Global EV registrations totaled 1.3 million in May, up 23% year-on-year. Growth was led by plug-in hybrid electric vehicles (PHEVs), which rose 37% compared to the same period last year. Meanwhile, deliveries of battery electric vehicles (BEVs) increased 17%.

Plug-ins accounted for 20% of the global new car market in the month, with BEVs alone accounting for 13% of registrations. Fully electric vehicles accounted for 66% of the plug-in segment in May, up from 64% year to date.

Market division

When analyzing the global electric vehicle market, China accounted for more than 60% of plug-in vehicle deliveries in the first five months of 2024. If we exclude the market from the global figures, the growth appears more stable.

In this scenario, plug-in volumes rose 6% in May, while BEVs rose 7%. Year to date, EVs rose 12% excluding the China market, while all-electric deliveries improved 10%.

Elsewhere, EV registrations in Europe fell 10% in the month, as the region felt the impact of the end of subsidies in several markets. On the other hand, the North American market, which combines deliveries in the US and Canada, saw plug-in volumes rise 18% in May.

The biggest growth in the month, however, came from outside the Chinese, European and North American markets. If we remove these three regions from global EV registrations, we see 42% growth in May. Deliveries in Brazil were up 266% year-on-year, followed by Mexico (up 137%), Singapore (up 136%), Malaysia (up 106%) and Chile (up 102%).

Still, Russia’s EV market registered the biggest growth, up 549% in the month. The country saw increased imports from China after legacy OEMs pulled out of the region. Compared to the same period 12 months ago, volumes are up 86% in the first five months of the year.

As the Chinese auto market rapidly electrifies, Russia is also rapidly electrifying thanks to increasing supply from China.

Tesla on top

The Tesla Model Y was the best-selling EV globally in May, with 89,120 registrations. The crossover accounted for 6.7% of global plug-in deliveries for the month.

Two BYD models rounded out the top three. The Song came in second with 63,371 deliveries, while the Qin Plus came in third with 49,294 units. It was followed by the Tesla Model 3 with 45,051 registrations.

The next four spots were filled by BYD, as the brand benefited from price cuts. This means that the automaker placed six representatives in the top eight positions. The Seagull, also known as the Dolphin Mini, came in fifth with 36,323 units.

Then came the Yuan Plus, also known as the Atto 3, which came in sixth with 32,806 units. The Destroyer 05 came in seventh (25,140 units) and the Han came in eighth (18,048 units).

Behind it, GAC’s Aion Y was in ninth place with 17,506 deliveries, a year record. The Aito M9 rounded out the top 10. It posted a second straight record month with 16,462 registrations.

Old OEMs are left behind

In 12^eThe Volkswagen (VW) ID.4 was one of two models from legacy OEMs on the global EV bestseller list. It registered 16,180 deliveries in May.

Meanwhile, the Zeekr 001 jumped in 15^e with 13,671 registrations, helped by a recent renewal. Another Chinese brand, Li Auto, saw its L6 midsize SUV join the top 20 in 16^e (12,965 units) after only two months on the market.

As the second OEM model in the table, the VW ID.3 achieved the best result of the year in 1999.^e with 12,429 deliveries. The returning BYD Seal followed in 20^e and recorded 11,378 registrations thanks to increased volumes in export markets. This meant that the manufacturer had a total of nine models in the bestseller list.

Outside the top 20, the Volvo EX30 posted a best-ever result with 10,272 deliveries in just its fifth month on the market. Demand has stabilised in Europe, but benefited from the entry into new regions such as Mexico, Australia and Brazil.

The Denza D9 also posted a positive performance, reaching a year-long record of 10,158 registrations. Meanwhile, the Hyundai Ioniq 5 (9,399 units) achieved its best result since August 2023. The Nio ES6 closed the month with 8,125 deliveries, also its best performance since August last year. Finally, the Xiaomi SU7 recorded 8,646 registrations in its second month on the table.

Qin Plus under pressure

From January to May, the Tesla Model Y was the most popular plug-in model in the world, with 420,296 registrations. The crossover has a comfortable lead over the BYD Song in second place (265,739 units) and the Qin Plus in third place (182,628 units).

After the first five months of the year, the Tesla Model 3 was in fourth place with 175,665 deliveries. However, the sedan is likely to overtake the BYD Qin Plus in June.

The BYD Destroyer 05 (88,646 units) outpaced its sibling, the BYD Dolphin (83,371 units), to take eighth place. The sedan was less than 400 units behind the Aito M7 in seventh place and is expected to climb again.

The VW ID.4 rose one place to 12^e (63,121 units) after a strong month. Wuling Bingo also gained a position in 13^e (60,313 units), while the Aion Y rose three places to 14^e (59,199 units).

The Aito M9 entered the annual table for the first time, taking 20^e (44,417 units). It replaced its full-size SUV segment rival, the Li Auto L9. The Audi Q4 e-Tron, which achieved 42,637 registrations, narrowly missed the top 20.

BYD brilliance

BYD was the top-selling EV brand in May, with 314,760 deliveries. This was the automaker’s second-highest monthly total after December 2023. Sales are expected to continue to rise steadily throughout the year, with price cuts set to intensify.

The manufacturer’s BEV registrations were up 22% in May compared to 12 months ago, while PHEV volumes were up 54% year-on-year. It was the third consecutive record month for BYD’s plug-in hybrids, with 172,000 deliveries. The brand’s PHEVs were helped by lower prices than their internal combustion rivals.

Tesla came in second in May with 140,683 registrations, up from the same month last year, thanks in part to growing Cybertruck volumes. BMW came in third with 45,615 deliveries.

Meanwhile, VW enjoyed its best performance of the year so far, taking fifth place with 38,210 registrations. This was driven by good results from the ID.4 and ID.3. Another automaker that achieved a record year was Li Auto in sixth place (37,017 units). It benefited from the launch of the L6.

In the second half of the table, Kia claimed 12^e with its best performance in 10 months, with 24,996 deliveries. With the upcoming EV5 and EV3 models, the brand is expected to continue to increase volumes in 2024.

Meanwhile, Nio achieved his best ever result in 15^ewith 20,710 registrations. Strong performances from the ES6 SUV and ET5 sedan helped boost the brand’s overall figures.

Leapmotor joined the table in 20^e (18,218 units), thanks to a yearly record. This meant that 11 Chinese brands were in the top 20, while Ford, Peugeot and Jeep were absent.

VW in top five

Between January and May, BYD was the world’s most popular EV brand, with just under 1.2 million deliveries. The brand nearly doubled the volume of second-place Tesla (625,596 units). The two largest brands accounted for 32% of all EV deliveries, with BYD alone accounting for 21%.

The American automaker had about three times as many registrations as BMW (212,254 units) in third place. Wuling remained in fourth place (179,667 units), while VW took advantage of a strong May to jump to fifth place (157,157 units).

Li Auto also rose in the table, overtaking Mercedes-Benz for sixth place thanks to 153,415 registrations. The brand benefited from volumes in Russia and could see volumes increase when it lands in the Middle East. Meanwhile, its rival Aito overtook Volvo to take ninth place (144,688 units).

Kia rose two positions to 13^e (106,648 units), while Zeekr entered the top 20 in 18^e (69,951 units). This makes Geely the only OEM with more than three brands in the year-to-date chart, with Volvo and Zeekr both appearing alongside their namesake brand.

Meanwhile, Ford (68,805 units) and Jeep (67,990 units) were demoted to 19th place.^e and 20^e Both manufacturers could come under pressure from Leapmotor (66,764 units) and Nio (66,236 units).

BYD gains market share

With brands grouped under OEMs, BYD further extended its lead, reaching 22.1% market share for electric vehicles. This was an increase of 1.3 percentage points (pp) from April and a more marginal year-on-year improvement of 0.2pp.

Tesla, which ranks second, saw its share fall to 11% from 14.8% in the same period in 2023, a decline of 0.2pp from the previous month.

Geely-Volvo came third, taking a 7.9% share in May, up 0.1pp from April. This marked significant growth for the OEM compared to its 6.2% share in the same period of 2023.

VW Group held steady in fourth place, accounting for 6.3% of all plug-in deliveries. However, its share was down 1pp year-on-year. SAIC rounded out the top five, with a share of 5.4%, down 0.2pp month-on-month. However, it suffered less of a year-on-year decline than VW Group, which also fell 0.2pp.

Meanwhile, Stellantis fell to a 3.9% share in May, a significant drop from the 4.8% it held in the EV market in May last year. The group needs its affordable EVs, such as the Citroën e-C3, to land quickly.

Changan (3.9% share) and BMW (3.9% share) both overtook the OEM during the month, despite there being less than 600 units between the three groups. Hyundai Motor Group was not far behind in ninth place (3.5% share).

Tesla is slipping away

Looking at BEV deliveries alone, Tesla remained the best seller with a market share of 17.2%. However, this was down 4pp from the same period last year. The automaker is still ahead of BYD in second place (16% share, down 0.2pp). If this trend continues, it could lose its lead in the fourth quarter.

Geely-Volvo continued its rise in third place (7.5% share, up 0.3pp), thanks to strong performances in its line-up. The group distanced itself from fourth-place SAIC (7% share, down 0.1pp).

Fifth place went to VW Group (6.9% share, up 0.1pp) as it closed in on the battle for third place. The OEM is facing no pressure from behind as BMW Group took a 4.3% share, up 0.2pp from April.