In a surprising turn of events, the Wuling Mini EV dethroned the Tesla Model Y as the best-selling electric vehicle (EV) globally in October 2024. Over 1.9 million plugin vehicles were registered worldwide during this month, marking a notable 10% increase compared to the same period last year. Battery electric vehicles (BEVs) saw a robust 19% year-on-year growth, while plug-in hybrid electric vehicles (PHEVs) experienced a decline of 5% year-on-year.
The sales landscape showed a significant disparity between markets. The United States faced a downturn, with registrations down almost 50% year-on-year. In contrast, European markets surged by 38%, and regions such as India and Indonesia reported impressive growth rates of 98% and 101%, respectively.
In total, BEVs accounted for approximately 19% of the overall automotive market in October, while the combined share of BEVs and PHEVs rose to 28%. The year-to-date statistics indicate a 17% share for BEVs and 26% for the combined category.
Sales Performance of Leading EV Models
The sales data for October revealed that the Wuling Mini EV achieved record sales of 61,515 units, while the Tesla Model Y lagged behind at 53,320 units, marking a 37% decline year-on-year. The Tesla Model 3 also faced challenges, securing just 19,961 units, which placed it at 14th in the rankings, its weakest performance since July 2022.
The market for PHEVs appears to be struggling, particularly in China, where PHEV sales were down 11% year-on-year. Nevertheless, excluding the Chinese market, PHEV sales globally saw an increase of 19% year-on-year. This indicates that while PHEV sales may have peaked in China, there remains significant potential for growth in other markets.
The Geely Xingyuan performed well, securing the third position with over 44,000 registrations. The BYD brand maintained a strong presence with multiple models in the rankings, while the Xiaomi YU7 made its debut in the top models with over 33,000 units sold.
Market Trends and Future Outlook
As the market evolves, the competition is heating up. The Leapmotor C10 and BYD Fang Cheng Bao Tai 7 both made notable appearances in the rankings, with the former achieving 19,044 registrations and the latter securing 20,000 registrations in just its second month on the market.
The overall trends suggest a shift in consumer preferences, with smaller, affordable models gaining traction. The robust performance of the Wuling Mini EV and Geely Xingyuan illustrates a potential pivot in the EV market toward more compact and budget-friendly options, especially in developing regions.
The competitive landscape is expected to change further in the coming months, particularly for Tesla, which has seen a significant drop in its market share. The company reported approximately 76,000 deliveries in October, down 36% year-on-year, leading to speculation about its future position within the industry.
As the global EV market continues to evolve, manufacturers face the challenge of adapting to changing consumer demands and market conditions. The growth seen in regions outside of traditional markets like the United States and Europe offers a glimpse into the future of electric mobility, where affordability and accessibility may define success.
