Zacks highlights key players in the EV market, including Tesla and BYD, as they navigate growth and competition in 2024 and beyond
In 2024, global sales of electric and plug-in hybrid vehicles hit a record high, thanks to a surge in China. They sold around 17.1 million units, which is pretty impressive, even if it’s a bit slower than the previous year. Tesla, the big player in the game, did see a dip in sales for the first time ever, but they still managed to lead in overall deliveries.
China is really leading the charge, with a 40% jump in EV sales. BYD is making waves there, offering tons of models and selling about 595,000 all-electric vehicles in just the last quarter of 2024. Meanwhile, Tesla’s Model Y was the top seller in China, showing that competition is heating up.
Over in Europe, things are a bit mixed. While they sold over 3 million EVs, some countries like Germany saw a drop in sales due to fewer subsidies. But the UK is doing well, with a nearly 20% increase thanks to new policies promoting low-emission vehicles.
North America is also seeing steady growth, with a 9% increase in EV sales. Tesla still holds a big chunk of the market, but GM and Ford are catching up. Looking ahead, experts predict that one in four cars sold in the U.S. will be electric by 2025, but political changes could shake things up.
Overall, the future looks bright for EVs, especially with China pushing for more clean energy. It’s clear that the shift to electric vehicles is not just a trend; it’s becoming the new normal.
