In a surprising turn of events for the electric vehicle (EV) market, the Wuling Mini EV has outperformed the Tesla Model Y, securing its position as the best-selling electric vehicle globally in October 2024. This shift comes amid a landscape where over 1.9 million plug-in vehicles were registered worldwide, marking a 10% increase compared to the same period last year.
The sales figures reveal that battery electric vehicles (BEVs) grew by 19% year-on-year, reaching approximately 1.3 million units, while plug-in hybrid electric vehicles (PHEVs) experienced a decline of 5%, totaling around 600,000 units. The United States market faced a notable downturn, with registrations plummeting nearly 50% year-on-year, contributing to a general slowdown in EV sales across the country.
Despite challenges in the US and a modest 7% growth in China—where PHEVs saw a concerning 11% drop—Europe and other regions emerged as strong contributors to global sales. Europe reported an impressive 38% year-on-year increase, while regions such as India, Indonesia, and Vietnam showcased remarkable growth rates of 98%, 101%, and 117%, respectively.
Wuling Mini EV Takes the Lead
The Wuling Mini EV achieved a record 61,515 units sold, pushing the Tesla Model Y to second place with 53,320 units, a 37% decline from the previous year. The Tesla Model 3 also faced challenges, landing in the 14th position with 19,961 units, marking its worst performance since July 2022.
The competition remains fierce, with the Geely Xingyuan securing the third spot at over 44,000 registrations. BYD continued to hold strong with multiple models among the top rankings, showcasing its dominance in the EV sector. Notably, the Xiaomi YU7 made a significant impact, achieving 33,000 registrations as it ramps up production.
Several new entrants made their mark in October, including the Leapmotor C10, which debuted in the 15th position with a record 19,044 units. The BYD premium brand Fang Cheng Bao also debuted successfully with its Tai 7 SUV, achieving 20,000 registrations in just its second month on the market.
Market Dynamics and Future Projections
As the year progresses, the Tesla Model Y and BYD Song are expected to maintain their leading positions in the year-to-date rankings. However, the Geely Xingyuan is rapidly closing the gap on the Tesla Model 3, which may find itself under pressure in the coming months, especially with the anticipated exports of the Geely model beginning next year.
Brand performance in October indicated a shift in market dynamics, with BYD leading the sales rankings despite a 0.1% decrease in market share to 22.2%. Meanwhile, Tesla’s share fell to 7.8%, reflecting a significant drop of 0.5% in just one month.
The anticipated rise of Chinese manufacturers is evident, with seven brands achieving record sales in October. Geely and Wuling both surpassed the 100,000 registrations mark, marking a historic first for a fully Chinese podium in EV sales.
As the industry continues to evolve, the competition remains fierce, and the future landscape of electric vehicle sales will likely witness further shifts. The continued growth of BEVs and the potential resurgence of PHEVs, particularly outside of China, suggest that the global EV market is far from reaching its peak.
