BYD leads global EV sales race, leaving Tesla and BMW in the dust
Electric vehicle adoption is accelerating globally, with a record 1.7 million sales in September alone. New analysis reveals that an EV was sold every 2.83 seconds worldwide between January and September 2024.
However, one company stands out from the crowd: Chinese automotive giant BYD.
Based on data from EV-Volumes, Confused.com’s analysis of the top 20 EV brands shows BYD dominates the market with over 2.6 million sales in the first nine months of 2024. That translates to a staggering seven EVs sold every minute, or 9,518 per day, outpacing second-place Tesla by a significant margin.
While Tesla held a strong second position, BMW secured third place with 388,590 units sold. Although BMW trailed Tesla by over 900,000 sales, it still outperformed Mercedes-Benz and Audi, highlighting the competitive landscape of the EV market.
The data underscores BYD’s leading role in the EV sector, with other manufacturers struggling to keep pace. China’s dominance in EV production is also evident, with 12 of the top 20 brands originating from the country. Germany follows with four brands, while South Korea also contributes to Asia’s strong presence in the EV market.
China’s production of nearly 5.21 million EVs during this period far surpasses that of Germany, the second-largest manufacturer. This highlights China’s position as a global technology leader in the 21st century.
“The rise of electric vehicles has not just had an impact on the environment but also the economy,” says Rhydian Jones, motoring expert at Confused.com.
“EVs are generally more expensive to buy which can put people off buying them. However, in the long run, they could work out more cost-effective. This is because EVs typically require lower operating and maintenance costs. As well as this, EVs hold better resale value, making them a worthwhile long-term investment.
“EVs can generally incur higher insurance costs compared to petrol and diesel vehicles. But it’s possible that insurance rates may drop as electric vehicles gain wider adoption.”
The rapid growth of the EV market continues to transform the automotive industry. As consumer demand increases and technology advances, the balance of power in the EV sector could shift in the coming years. While China currently leads the charge, international adoption rates will play a crucial role in shaping the future of electric mobility.