BYD continues to dominate the global plug-in hybrid electric vehicle (PHEV) market, with its hybrid models experiencing significant sales growth. According to a recent report from market research firm TrendForce, global sales of new energy vehicles (NEVs), including PHEVs, battery electric vehicles (BEVs), and hydrogen fuel-cell vehicles, reached 4.12 million units in the third quarter of 2024, marking a 19.3 percent increase from the same period last year.
Of the total, PHEVs accounted for 1.61 million units, a 55.3 percent increase year-on-year. The Chinese market remains the largest contributor to global PHEV sales, accounting for 80 percent, with several local brands securing top positions. BYD maintained its leadership in the segment, with its market share rising to 40.1 percent, setting new records for both sales and market share in the third quarter.
In contrast, Li Auto and Huawei-backed Aito ranked second and third, respectively, with record quarterly sales, though their market shares have yet to surpass 10 percent. The competition within China’s PHEV market remains intense, with the fourth through tenth spots closely contested in terms of sales and market share, making it challenging for brands to retain their positions, TrendForce noted.
BYD’s strong performance was reflected in its overall sales figures. The company sold 1,129,256 passenger NEVs in the third quarter, with PHEVs contributing 685,830 units (60.73 percent) and BEVs making up 443,426 units (39.27 percent). This marks the first time that BEVs accounted for less than 40 percent of BYD’s total vehicle sales, according to TrendForce.
In the global BEV market, Tesla maintained its lead with an 18.5 percent market share, while BYD ranked second with 17.5 percent. Other notable performers included SAIC-GM-Wuling, Volkswagen, and GAC Aion. Leapmotor, a Chinese automaker, emerged as a standout, becoming the seventh-largest BEV seller. Nio, ranked eighth in global BEV sales, reported a record 61,855 vehicle deliveries in the third quarter, with growth in both year-on-year and quarterly comparisons.
TrendForce forecasts that global NEV sales will reach 16.26 million units in 2024, reflecting an annual growth rate of 24.8 percent.
