Global NEV Sales Increase 24.2% in Q2; Chinese Subsidies Expected to Boost Market Share for Chinese Brands
August 23, 2024 | TrendForceEstimated reading time: 2 minutes
TrendForce’s latest findings show that global sales of NEVs—including BEVs, PHEVs, and FCVs—reached 3.769 million units in 2Q24. This represents a nearly 30% quarterly growth and a 24.2% YoY increase. While Tesla maintained its position as the leader in BEV market share, its sales declined compared to last year. BYD, in addition to its steady BEV sales, saw its PHEV market share surpass 36% in Q2.
TrendForce reports that global BEV sales reached 2.328 million units in 2Q24, an 8% YoY growth. Tesla, the market leader, saw a 4.7% decline in sales compared to the same period last year. Tesla introduced price cuts and favorable interest rates to help boost demand in key markets such as China and the US. BYD (excluding Denza) ranked second, with BEV sales growing by approximately 20% YoY. Additionally, BYD’s strong performance saw over 100,000 NEVs, including BEVs, shipped overseas in 2Q24.
Volkswagen, SAIC-GM-Wuling, and BMW rounded out the top five BEV sellers in Q2, with minimal differences in market share between them. NIO saw a 144% YoY increase in sales as they took back the 7th spot. Zeekr ranked 9th, with the majority of sales coming from the Zeekr 001, which saw a significant sales boost in Q2 due to a facelift and Chinese policies aimed at promoting NEVs in rural areas.
TrendForce also recorded global PHEV sales of 1.439 million units in 2Q24—a YoY growth of 64.2%—with the top four brands all being Chinese. BYD’s market share rose to 36.1%, widening the gap with the second-ranked Li Auto. AITO and Changan took third and fourth place, respectively. Volvo Cars and Mercedes-Benz ranked fifth and sixth, while BMW’s PHEV sales remained flat year-over-year and landing it at eighth place. Despite a decline in sales and ranking, Jeep remained the best-selling PHEV brand in the US, where only seven PHEV models currently qualify for federal subsidies, two of which are produced by Jeep.
TrendForce notes that brand rankings in the first half of 2024 reflect the impact of China’s NEV replacement subsidies. This recently introduced subsidy program is expected to further boost sales and market share for Chinese brands. According to regulations issued by China’s Ministry of Commerce and other departments, subsidies for scrapping vehicles and purchasing either fuel or NEVs have been doubled, with buyers of NEVs eligible for CNY 20,000. This policy will be in effect until January 10th, 2025.
Testimonial
"Advertising in PCB007 Magazine has been a great way to showcase our bare board testers to the right audience. The I-Connect007 team makes the process smooth and professional. We’re proud to be featured in such a trusted publication."
Klaus Koziol - atgSuggested Items
It's Only Common Sense: Leveraging AI in Your Sales Strategy
09/01/2025 | Dan Beaulieu -- Column: It's Only Common SenseLet’s get one thing straight: AI isn’t here to replace you; it’s here to make you smarter and faster. Every time a new tool shows up, half the sales floor panics: “They’re going to automate us out of a job!” This is shouted while doomscrolling LinkedIn. Relax. Sales is still, and will always be, about human connection, trust, and delivering value. However, if you’re not using AI to your advantage, you’re handing your competitors a loaded gun and asking them to shoot first.
Lessons From a Thousand Columns: Dan Beaulieu on Writing, Selling, and Staying the Course
08/21/2025 | Michelle Te, I-Connect007For 20 years, Dan Beaulieu has been a steady voice in sales and marketing, offering weekly columns that challenge, inspire, and guide professionals in the electronics industry and beyond. Soon, he will reach a remarkable milestone—his 1,000th It’s Only Common Sense weekly column. In this Q&A, we look behind the scenes of Dan’s writing journey, exploring what has kept him motivated, the lessons he’s learned along the way, and how two decades of weekly columns have shaped his career and the industry conversation.
COVID, Tough Sales, and What Made Me a Better Salesperson
08/12/2025 | Daniel Beauvois, The Component StoreBefore 2020, we approached sales differently. A persistent, gritty salesperson could approach businesses daily without an appointment. They would often be turned away, but sometimes, they would be given a shot. Then, in March 2020, the COVID-19 pandemic became official, and things started to shut down. When we finally came back, everything had changed, creating an impenetrable barrier for outside salespeople.
Indium Corporation Promotes Two Leaders in EMEA (Europe, Middle East, and Africa) Markets
08/05/2025 | Indium CorporationWith its commitment to innovation and growth through employee development, Indium Corporation today announced the promotions of Andy Seager to Associate Director, Continental Sales (EMEA), and Karthik Vijay to Senior Technical Manager (EMEA). These advancements reflect their contributions to the company’s continued innovative efforts with customers across Europe, the Middle East, and Africa (EMEA).
It’s Only Common Sense: Sales as a Team Sport
08/04/2025 | Dan Beaulieu -- Column: It's Only Common SenseAnyone who has played, or even watched, sports knows that it’s not just about scoring points or making big plays—it’s about everyone working together toward a common goal. Sales is no different. Too often, sales is considered an individual activity, with each salesperson striving to hit his or her targets. However, the reality is that sales works best when it’s treated as a team sport, with everyone working toward a common goal.