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In October 2024, the global electric vehicle (EV) market demonstrated a robust performance, with several Chinese automotive brands making a prominent impact.

Chinese brands, including Geely and Galaxy, secured prominent positions, with Geely moving up to fourth place in the global ranking of EV sellers. The brand sold a total of 313,084 units in October, representing a growth of 104.1% and a market share of 2.3%.

BYD, another Chinese brand, held the top spot in plug-in deliveries for the month, with 457,933 units delivered, accounting for 26.1% of all EV sales.

Plug-in hybrids (PHEVs) accounted for the remaining 39% of EV sales in October, with deliveries reaching over 1.7 million units, marking a 36.9% year-on-year increase. Battery-electric vehicles (BEVs) made up 61% of EV sales, further underscoring the growing preference for zero-emission vehicles.

Several other Chinese brands also made significant strides in the global EV market. Wuling, including Baojun, accounted for 4.9% of global EV sales, up by 0.6pp. Leapmotor's deliveries increased by 99.1% year on year to 36,382 units, securing a market share of 2.1%.

Chery saw a registration growth of 194% in October, with 36,279 units sold and a market share of 2.1%, up 1.1pp. Aito recorded a registration growth of 501.9% year on year in October, selling 324,310 EVs and capturing a 2.4% market share.

However, some established brands experienced a slight dip in their market share. BMW's global EV market share between January and October fell from 3.6% in the same period of 2023 to 3.2%, with its EV deliveries in October reaching 44,826 units, accounting for 2.6% of the market, down by 0.8pp. Mercedes-Benz's market share also decreased, falling to 2.3%, down by 0.5pp, while its deliveries grew by 3.5% to 308,787 units.

Despite the slight decrease in market share, Tesla remained a significant player, taking the second position in the global ranking of EV sellers in October, with a 6.9% market share.

The tally across the first 10 months of 2024 for EV sales reached more than 13.4 million units, up by 25.5%. The top 10 best-selling electric car brands worldwide in October included Volkswagen, Tesla, BYD, Skoda, Seat, Cupra, Toyota, Audi, Porsche, and Li Auto, with Volkswagen leading significantly in Europe and BYD achieving record sales in China.

Overall, October 2024 marked a significant month for the global EV market, with Chinese brands making a strong impact and the overall sales volume continuing to grow. As the industry evolves, it will be interesting to see how these trends continue to develop in the coming months.