Q2 EV sales up 30% q-o-q

Q2 sales of EVs – including battery, hybrid and fuel cell vehicles – were up nearly 30% q-o-q and 24.2% y-o-y at 3.769 million units, says TrendForce.

Battery EV (BEV) salesreached 2.328 million units in 2Q24, an 8% YoY growth. Tesla, the market leader, saw a 4.7% decline in sales y-o-y.

BYD (excluding Denza) ranked second, with BEV sales growing by approximately 20% YoY. BYD exported over 100,000 EVs, including BEVs.

Volkswagen, SAIC-GM-Wuling, and BMW rounded out the top five BEV sellers in Q2, with minimal differences in market share between them.

NIO saw a 144% YoY increase in sales as they took back the 7th spot. Zeekr ranked 9th, with the majority of sales coming from the Zeekr 001, which saw a significant sales boost in Q2 due to a facelift and Chinese policies aimed at promoting NEVs in rural areas.

Hybrid (PHEV) sales were 1.439 million units in 2Q24—a YoY growth of 64.2%—with the top four brands all being Chinese.

BYD’s market share rose to 36.1%, widening the gap with the second-ranked Li Auto. AITO and Changan took third and fourth place, respectively.

Volvo Cars and Mercedes-Benz ranked fifth and sixth, while BMW’s PHEV sales remained flat year-over-year and landing it at eighth place.

Despite a decline in sales and ranking, Jeep remained the best-selling PHEV brand in the US, where only seven PHEV models currently qualify for federal subsidies, two of which are produced by Jeep.

TrendForce notes that the figures reflect the impact of China’s EV replacement subsidies which have been doubled with buyers eligible for CNY 20,000.