Global electric vehicle (EV) registrations saw a significant increase of 19% year on year in March 2024, surpassing 1.3 million new units. Among the standout performers was the BYD Qin Plus, which enjoyed notable success in the global EV ranking.
According to José Pontes, the data director at EV Volumes, a division of J.D. Power, the global EV deliveries continued to rise in March. Battery-electric vehicle (BEV) registrations witnessed a 7% increase compared to the same period in 2023. Additionally, plug-in hybrids (PHEVs) experienced a remarkable 50% surge, making March the second-best month for this powertrain. As a result, plug-in models captured a 19% share of the new-car market globally, with BEVs alone holding a 13% share.
In the first quarter of 2024, the EV market share climbed to 16%, with BEVs constituting 10% of this figure. All-electric models accounted for 65% of total plug-in registrations in March, pushing the BEV share for the quarter to 63%.
The BYD Qin Plus made a significant impact in March, securing the third position with a record 52,305 registrations. This success placed it ahead of the Tesla Model 3, which slipped to fourth place with 41,035 units. The Tesla Model Y retained its lead with 118,985 registrations, followed by two other BYD models, the BYD Song and the Destroyer 05, in second and eighth place, respectively.
BYD’s pricing strategy, aimed at competing with internal-combustion engine (ICE) vehicles, proved successful as they managed to secure seven models in the top 10 in March. While Tesla and BYD dominated the rankings, the Aito M7 also made its mark, securing the ninth spot with 18,512 units.
The Volkswagen (VW) Group had two models in the top 20, with the VW ID.4 and ID.3 finishing in 13th and 19th place, respectively. The Audi Q4 e-Tron closely followed in 21st place with 9,765 registrations. Volvo’s EX30 and XC60 PHEV also showed promising results outside the top 20, with the EX30 hitting 8,000 registrations in its third month on the market.
Noteworthy performances outside the top 20 included the Jeep Wrangler PHEV with 8,117 registrations, indicating a growing interest in plug-in hybrid models across the global market. With the EV market continuing to expand, it will be interesting to see how these trends evolve in the coming months.
