BYD has become the leader in the plug-in hybrid segment

According to research firm TrendForce, global sales of electric vehicles of all types, including hybrids, will reach 4.123 million units in the third quarter of 2024, up 19.3% from the same period in 2023.

Electric car sales totaled 2.509 million units during the reporting period, up 3.9% year-over-year. In this segment, Tesla retained its leading position with a market share of 18.5%, followed closely by BYD with 17.5%. At the same time, 1.612 million cars were sold in the hybrid category, up 55.3% year-on-year. China accounted for about 80% of all global hybrid sales.

The leader in the hybrid market was BYD with a share of over 40%. The second and third places were occupied by Chinese Li Auto and AITO, which also achieved new quarterly sales records, although the market share of each of them does not exceed 10%.

The BYD brand remained the undisputed leader, achieving record high sales and a market share that surpassed the 40% threshold. Li Auto and AITO ranked second and third respectively, achieving new quarterly sales records. However, the market share of none of these brands has yet exceeded 10%. Notably, Chery debuted in seventh place, reflecting its recent success in NEV technology and its focus on the PHEV segment.

Global sales of electric vehicles of all types are forecast to total 16.26 million units by the end of 2024, a 24.8% increase from 2023.