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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.
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