1. Global plugin vehicle registrations up 19% in March 2024 compared to March 2023.
2. BEVs were up 7% YoY, while plugin hybrids jumped 50% YoY.
3. BYD leads in EV sales with Model Y in the top position, followed by BYD models Qin Plus and Song.
Global plugin vehicle registrations saw a 19% increase in March 2024 compared to March 2023, reaching 1.3 million registrations. Battery electric vehicles (BEVs) were up by 7% year-over-year, while plugin hybrids saw a 50% jump, with plugins representing 19% of the overall auto market. This surge in electrification signifies the ongoing Electric Disruption Zone in the automotive industry.
In the top 20 best-selling EV models in March, the Tesla Model Y led the pack with 119,000 registrations, followed by two BYD models. The BYD Qin Plus recorded a record 52,305 registrations, outperforming the Tesla Model 3. The rise of electric vehicles was also evident in the strong performance of models like the BYD Destroyer 05 and the AITO M7, backed by Huawei.
When looking at year-to-date figures, Tesla’s Model Y continued to dominate, but BYD’s models were gaining ground, with the Qin Plus surpassing the Model 3. The competition between these brands highlights the evolving landscape of the electric vehicle market. In terms of top-selling brands, BYD maintained its lead, followed by Tesla and BMW, showcasing the growing presence of electric vehicles in the global market.