Global light vehicle sales Jan-Sep 2024

Global light vehicle sales Jan-Sep 2024. Usual leaders which lose ground to BYD and Geely. BYD to hit global top 5 by the end of next year. Source: OEMs

BEV global sales Jan-Sep 2024:
– Tesla (-3%) ahead of BYD (+12%) by 124k units (276k in Jan-Sep 2023).
– Geely, big winner, +51%.
– Trailed by VW Group, -5%, Hyundai-Kia -8.1%. G
– BMW, best performer among big non-Chinese BEV makers. Up 19% vs -22% for Mercedes.

From the chart, we can observe that Japanese automakers sell very few electric vehicles, which partly indicates that Japanese car brands are not yet fully prepared for the EV market. We also see the remarkable rise of a new automaker, VinFast, which, despite being a newcomer, is currently recognized for having the best customer service policies. Leading the market are still the two giants, Tesla and BYD. Notably, about 90% of BYD’s electric vehicle sales come from China.

With upcoming tax policies from the EU, US, Australia, and Canada targeting Chinese electric vehicles, it is predicted that Chinese EV manufacturers will face significant challenges in selling globally. Hopefully, Chinese automakers can come up with effective strategies to expand their presence worldwide.