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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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From Factory Floor to ‘The Component Store’
07/25/2025 | Marcy LaRont, I-Connect007Daniel Beauvois began his career in PCB manufacturing 15 years ago with zero industry experience—just a willingness to learn. Daniel immersed himself in every step of circuit board production, from hanging out on the factory floor to giving plant tours. Now, as founder of The Component Store, he’s an independent sales rep known for integrity, persistence, and deep technical knowledge. In this interview, Daniel reflects on his journey, the realities of being an outside rep, and what it takes to earn—and keep—a customer’s trust in an ever-evolving electronics industry.
Technica USA Hosts ASMPT Management Team for Midyear Business Review
07/22/2025 | Technica USATechnica USA was pleased to host the management team from ASMPT for a strategic midyear business review at its headquarters in San Jose, California.
The Chemical Connection: Sales Organization from a Capital Equipment Perspective
07/22/2025 | Don Ball -- Column: The Chemical ConnectionThe sales organization for a capital equipment supplier to the PCB industry tends to differ slightly from a supplier that manufactures and sells circuit boards to their customers. After all, our sales depend on the printed circuit board manufacturer’s sales. If business falls off, you tend to delay or reconsider the need for new or upgraded capital equipment, and then our sales fall off. If your sales go up and you need to increase capacity or replace old equipment, our sales also trend upwards.
Marcy’s Musings: From Pitch to PO—The Sales Stack
07/21/2025 | Marcy LaRont -- Column: Marcy's MusingsIt is a foundational truth that a company lives and dies by its sales. Receiving that PO or contract starts the operational chain. It is the purest symbol of the machinations of the business process: You are paying me for something I am doing, making, or sourcing for you. Then, every single thing a business does in executing and fulfilling that sales agreement speaks directly to customer experience and whether more POs will follow. You won't keep customers if you don't make a quality product and provide strong customer service.
July 2025 PCB007 Magazine: Sales—From Pitch to PO
07/18/2025 |Though all parts of a company are essential for holistic success, it is a foundational truth that a company lives and dies by its sales. If there are no sales, the company eventually ceases to exist, or as Henry Ford says, “Nothing happens until someone sells something.” In the July issue of PCB007 Magazine, we break down the sales stack and provide a guide to up your sales game.