Top-Selling Electric Cars in 2024: Global Leaders and Market Trends
Electric vehicle (EV) sales surged to new heights in 2024, solidifying EVs as a mainstream choice in many markets. Globally, EV deliveries (including battery-electrics and plug-in hybrids) jumped about 25% year-over-year to reach roughly 17.1 million units – nearly one in five new cars sold worldwide. This comprehensive overview examines the top-selling EV models globally, the dominance of Chinese manufacturers, Tesla’s performance, Europe’s leading EV makers, and the key trends (from government incentives to battery breakthroughs) driving the 2024 electric car boom. Numerical sales data and market share figures are included to support each insight.
Global Overview: Best-Selling EVs Worldwide
Global top 20 EV models by units sold in 2024 (battery-electric and plug-in hybrid combined). Tesla’s Model Y took the top spot while Chinese automaker BYD captured numerous positions in the ranking.
The Tesla Model Y was the world’s best-selling electric vehicle in 2024, delivering over 1.1 million units – the only EV to cross the million mark. This made the Model Y not only the top EV, but one of the top-selling cars of any kind globally. The runner-up was BYD’s Song Plus (a mid-size SUV, sold mainly as a plug-in hybrid), which tallied around 739,000 units worldwide. In third place stood the Tesla Model 3 sedan with about 529,000 sales, maintaining its strong global demand thanks in part to a late-2023 refresh. Close behind was BYD’s new affordable hatchback, the Seagull, with approximately 473-489,000 units sold in its first full year on the market – an impressive debut that underscores the rise of mass-market EVs. Rounding out the global top five was BYD’s Qin Plus sedan (available as both BEV and PHEV), essentially tied with the Seagull at around 488,000 units. Notably, Chinese brands and Tesla dominated the global leaderboard, with other high runners including the BYD Yuan Plus (Atto 3) crossover and SAIC-GM-Wuling’s budget mini EV, each in the 200-350k range. This reflects how a handful of models – mostly from Tesla and China’s BYD – captured a large share of the booming EV market in 2024.
Overall, worldwide EV sales reached an estimated 17.1-17.2 million vehicles for the year. This equates to roughly 20% of global new car sales coming from plug-in vehicles, a big jump from about 14% the year prior. The growth was fueled largely by China’s rapid expansion and steady gains in other regions. In terms of manufacturers, BYD Auto of China ended 2024 as the world’s largest EV producer by volume – with over 4.27 million electric and plug-in hybrid vehicles sold (up 41% year-on-year) – accounting for roughly one in four EVs sold globally. Tesla Inc., while growing more slowly, was the second-largest EV maker with 1.79 million deliveries in 2024, roughly an 11% share of the global EV market. In fact, BYD’s sales were about double Tesla’s. Other automakers were far behind these two leaders in volume. This global landscape underscores how Tesla and BYD remain in a league of their own, even as competition intensifies from legacy automakers and newer EV startups.
Chinese Market Segment: BYD, NIO, XPeng and More
The Wuling Hongguang Mini EV – an inexpensive micro-EV – exemplifies China’s unique electric car market. This tiny model sold hundreds of thousands of units in 2024, highlighting strong domestic demand for affordable EVs.
China continued to be the epicenter of EV sales in 2024, accounting for an estimated 11 million plug-in vehicle sales (battery-electric plus plug-in hybrid) – roughly 64% of the world’s EV volume. This was a staggering 40% year-over-year increase for China, reflecting both consumer demand and supportive policies. Domestic brands utterly dominate their home market: BYD alone was responsible for about one in three EVs sold in China, leveraging its extensive lineup of electric and hybrid models. In fact, the year’s top-selling model in China was BYD’s Song Plus, a plug-in hybrid SUV, with 574,000 units sold in 2024 – enough to make it the #1 vehicle (of any powertrain) in the Chinese market. The Tesla Model Y was China’s second-best-selling EV, moving about 480,000 units locally and maintaining Tesla’s popularity among Chinese buyers. Close on its heels was BYD’s Qin Plus sedan (another plug-in hybrid), also at roughly 480,000 sales in China for the year. BYD’s new small electric hatchback, the Seagull, made a splash as well – climbing into fourth place overall in China with around 454,000 sales. Meanwhile, SAIC-GM-Wuling’s ultra-cheap Hongguang Mini EV remained a phenomenon, selling over 260,000 units and ranking among China’s top ten models. This tiny $5,000 city car illustrates the strength of the entry-level EV segment in China, which continues to attract throngs of budget-conscious buyers.
Beyond BYD and Tesla, several Chinese EV startups and premium brands notched record sales in 2024. Li Auto, which specializes in extended-range electric SUVs, delivered over 500,000 vehicles during the year – an astounding ~100% jump that vaulted Li Auto into China’s top tier of automakers. NIO, known for its high-end electric SUVs and sedans, delivered 221,970 EVs in 2024 (up ~39%), while XPeng Motors saw 190,068 deliveries (up ~34%) thanks to new models like the G6 crossover. These figures are smaller than BYD’s, but they underscore China’s crowded EV arena, which now spans everything from $5K micro-cars to luxury models. Chinese automakers also expanded their global footprint – for example BYD and others increased exports to Europe, Southeast Asia, and Latin America – though domestic demand still accounts for the bulk of sales. It’s worth noting that China’s EV boom has been propelled by robust government support, such as purchase subsidies and a nationwide EV mandate, as well as a fierce price war in 2024 that saw multiple brands (including Tesla in China) slashing prices to gain market share. The result is that China’s EV penetration hit nearly 50% of new cars in 2024 – a level of adoption unmatched by any other major market. The Chinese EV segment is both the largest and one of the most intensely competitive in the world, dominated by homegrown players like BYD, NIO, XPeng, Geely, and SAIC alongside foreign brands like Tesla that have managed to carve out a strong presence.
Tesla’s Global Performance in 2024
Tesla maintained its position as a global EV powerhouse in 2024, though its growth showed signs of leveling off. The company’s total worldwide deliveries were 1,789,226 vehicles for the year, essentially flat (down about 1%) compared to 2023 – marking Tesla’s first-ever annual drop in sales after a decade of explosive growth. Despite this slight dip, Tesla still accounted for roughly 11% of all EVs sold globally and remained by far the leading EV brand in markets like the United States (where it held an estimated 50-60% of EV market share). The Model Y was Tesla’s star performer – with about 1.17-1.2 million units sold worldwide, it was not only the top EV but one of the top-selling vehicles overall, outselling many popular gasoline models. The Model 3 sedan added another ~533,000 units globally. Together, the Model Y and 3 made up the vast majority of Tesla’s volume and held two of the top three spots among all EVs. Sales of Tesla’s older premium models (the Model S and X) were comparatively modest, and their share of Tesla’s mix continued to shrink in 2024. Tesla’s global EV market share did slip from about 14% in 2023 to around 12% in 2024 as competitors gained ground, but the brand still enjoys a substantial lead in technology, brand recognition, and charging infrastructure. Tesla also benefitted from production ramp-ups at its newer Gigafactories in Berlin and Texas, which helped it meet demand in Europe and North America more locally.
A key storyline for Tesla in 2024 was its aggressive pricing strategy. Facing increasing competition, Tesla implemented significant price cuts on its models in late 2022 and throughout 2024. These cuts (combined with EV tax credits in the U.S.) boosted demand – for example, U.S. sales of the Model Y jumped by 50% after it qualified for the full $7,500 federal credit. However, lower prices also pressured Tesla’s profit margins and illustrate the intensifying fight for market share. On the innovation front, Tesla finally launched its long-awaited Cybertruck in late 2023. The radical electric pickup began initial deliveries in Q4, and by the end of 2024 Tesla had delivered an estimated 24,300 Cybertrucks to customers. While a small portion of Tesla’s total volume, the Cybertruck’s launch adds a new vehicle segment to Tesla’s lineup and has reportedly accumulated a huge backlog of reservations. CEO Elon Musk has indicated that scaling up Cybertruck production will be a priority in 2025. Looking at the broader trend, Tesla’s plateauing sales in 2024 underline how the company is moving from hyper-growth to a more mature phase. It still leads in global EV revenue and has one of the highest margins in the industry, but rivals – especially in China – are catching up quickly. Tesla’s focus is now on continuing to innovate (e.g. the upcoming Model 3 “Highland” and Model Y “Juniper” refreshes), expanding production capacity, and leveraging its charging network and software ecosystem to stay ahead of the pack in an increasingly crowded field.
European EV Leaders: Volkswagen, BMW, Mercedes, Renault & Others
European automakers in 2024 continued to expand their EV offerings, though their sales results were mixed. The Volkswagen Group remained the top EV seller in Europe (thanks to brands VW, Audi, Škoda, etc.), with about 21% share of the region’s BEV market. Globally, however, VW Group’s EV sales stalled – it delivered 744,800 battery-electric vehicles in 2024, a 3.4% drop from the previous year. This was over a million fewer EVs than Tesla or BYD managed, highlighting VW’s challenges in scaling up outside its home region. Volkswagen’s top-selling electric model was the ID.4 crossover SUV, which led the group’s EV sales worldwide. On the premium side, BMW Group saw solid growth and actually pulled ahead of its rival Mercedes in electrification. BMW delivered 426,594 fully-electric vehicles globally in 2024 (BMW and MINI brands combined) – a 13.5% increase and a new record, representing 17.4% of all BMW Group sales. Successful models like the i4 sedan and iX1 SUV helped BMW become one of the top EV sellers among legacy automakers. Mercedes-Benz, by contrast, experienced an EV slowdown. Mercedes (including Smart) sold about 204,600 BEVs in 2024, which was 22% fewer than in 2023 – a decline attributed largely to weaker sales in China (one of Mercedes’ key markets) and a lineup still in transition. That said, Mercedes did launch new EVs (such as the EQE SUV and EQS SUV) and remains committed to an all-electric future, but its EV rollout hasn’t been as fast as some competitors. The Renault-Nissan-Mitsubishi alliance also worked to defend its market share: the Renault brand achieved a 9% rise in electric vehicle sales in Europe for 2024, thanks to models like the Renault Mégane E-Tech electric and the mass-market Dacia Spring. Renault sold on the order of 240,000 BEVs in 2024 (globally) – smaller volumes than the German luxury marques, but it saw growth in its home European markets. Meanwhile, Stellantis (owner of Peugeot, Fiat, Opel, Jeep and more) struggled with EV sales, which fell about 9% in the first half of 2024. Stellantis was hit by the phase-out of incentives in some European countries, which particularly affected its lower-priced EV models. The group is now investing in a slew of next-generation EVs (e.g. a new Fiat 500e, Peugeot e-308, etc.) to try and reignite growth.
Despite economic headwinds, Europe’s EV adoption remained strong overall – albeit with notable regional differences. New electric car registrations in Europe totaled roughly 3.2 million in 2024, up only slightly (~1%) from the previous year as the market hit a plateau. In the European Union and UK, battery-electric vehicles (BEVs) held about 16% of new car sales on average, roughly the same as 2023 (the growth in EV share paused due to policy changes). A major development was that the United Kingdom overtook Germany as Europe’s largest BEV market in 2024. The UK implemented a strict Zero-Emission Vehicle (ZEV) mandate requiring a rising percentage of EV sales, which boosted EV uptake and allowed the UK to leapfrog Germany in BEV volume. Germany’s EV sales, on the other hand, were dampened after the government cut purchase subsidies – Germany actually saw a decline in EV sales (-5.9%) in 2024. Still, countries like France, the Netherlands, and the Nordic nations continued to see EV shares well above 20-30%, aided by their own incentive programs and growing consumer acceptance. European automakers are now racing to prepare for tougher EU emissions standards in 2025, with many forming partnerships to pool CO₂ credits and avoid fines. They are also heavily investing in new EV models (for example, Volkswagen’s ID.7 and Audi Q6 e-tron, BMW’s Neue Klasse platform, etc.) to catch up to the likes of Tesla and BYD. In summary, Europe’s established car brands in 2024 made incremental progress in EV sales but faced intensified competition and policy shifts. The year underscored that while European companies have strong engineering know-how and some home-market support, they are still striving to secure leadership in the global EV arena, which increasingly is influenced by the scale and speed set by China and Tesla.
Key Market Trends Driving EV Sales in 2024
Expansion of charging infrastructure continued in 2024 – pictured is a public EV charging station in Oregon, USA. Improved charger availability, along with government incentives and better batteries, helped drive global EV adoption.
Several major factors drove the strong EV sales in 2024, ranging from robust government support to rapid technological improvements and infrastructure growth. Government incentives and regulations were especially pivotal. Many countries offered generous subsidies or tax credits for EV buyers, helping offset the purchase cost. For example, the United States’ federal EV tax credit of $7,500 per vehicle (under the Inflation Reduction Act) boosted American EV sales significantly. In China, authorities maintained consumer purchase incentives and a nationwide EV trade-in scheme, contributing to the country’s 40% surge in EV sales. Meanwhile in Europe, policies like emissions standards and ZEV mandates played a big role – the EU’s upcoming 2025 CO₂ targets and Britain’s ZEV mandate pressured automakers to sell more EVs or face penalties. In summary, “carrot-and-stick” policies (financial incentives for consumers and emissions requirements for manufacturers) were a crucial tailwind for EV adoption across all major markets. These policies helped narrow the price gap between EVs and gasoline cars and signaled to both industry and consumers that the transition to electric mobility is a long-term priority.
Another key driver was technology improvement – especially in batteries. 2024 saw a record drop in battery costs, making EVs more affordable. The average lithium-ion battery pack price fell about 20% year-on-year, reaching roughly $115 per kWh in 2024. This is a huge milestone, as cheaper batteries directly reduce EV manufacturing costs (the battery is the most expensive component). Industry analysis attributed the price drop to several factors: massive scale-up of production (especially in China, which now accounts for the bulk of global battery output), lower raw material prices, and a shift toward cost-effective chemistries like LFP (lithium iron phosphate) that use no cobalt or nickel. With leading battery makers like CATL and BYD ramping up output, even smaller battery suppliers had to cut prices to stay competitive. The improving energy density of batteries also continued to enhance EV range – many new models released in 2024 boasted 400+ km (250+ miles) of range on a single charge, addressing consumer “range anxiety.” At the high end, a few flagship models even reached 600-700 km per charge using advanced battery tech. In short, batteries kept getting cheaper and better, which enabled automakers to either lower EV prices or offer more performance for the same cost, thus attracting more buyers.
The build-out of charging infrastructure further bolstered EV sales by improving convenience. Across 2024, thousands of new public charging stations were installed worldwide, from highway fast-chargers to urban street chargers. Governments and companies alike invested heavily in this area. In Europe, for instance, the EU allocated funding for a network of high-power chargers along key transport corridors. In the U.S., public charging sites expanded steadily, and Tesla began opening its extensive Supercharger network to non-Tesla EVs in many regions, greatly increasing fast-charging options for all drivers. China’s charging network – already the world’s largest – grew further to support the country’s enormous EV fleet, with an emphasis on adding chargers in smaller cities and along inter-city routes. By the end of 2024, most major cities in China, Europe, and North America had dense charging coverage, and even less-developed markets were starting to build out infrastructure. This easing of charging concerns made it more practical for consumers to choose an EV, knowing they could conveniently recharge at home or on the go. In addition, electric utilities and governments worked on grid upgrades and incentives to encourage home charging overnight, leveraging excess renewable energy. All these efforts around charging infrastructure helped alleviate one of the last barriers to mass EV adoption.
Finally, market competition and consumer choice reached new heights in 2024, which itself drove sales. Virtually every major automaker (and many new startups) introduced new electric models during the year – from electric pickups and SUVs to sports cars and family sedans. The variety of EVs on the market meant customers could likely find an electric option in whatever category they wanted, be it a luxury SUV or a budget commuter car. This proliferation of models, often accompanied by creative financing or lease deals, enticed a broader swath of buyers into going electric. Moreover, intense competition led to a “price war” in certain markets. In China, Tesla sparked industry-wide price cuts early in the year, and domestic brands like BYD, NIO, and others responded with discounts of their own. The result was significantly improved bang-for-buck for EV buyers – higher specs at lower prices – which further stimulated demand. In Europe and the U.S., while price competition was not as extreme as in China, manufacturers did offer attractive lease deals and promotions. Combined with rising consumer environmental awareness and high gasoline prices in some regions, these market factors convinced more people to switch to EVs.
In summary, 2024 was a breakout year for electric vehicles, driven by a confluence of supportive policies, technological leaps, infrastructure maturation, and fierce industry competition. EVs achieved their highest-ever global market share – around 20% of new cars worldwide – and total EV sales hit record levels in all major markets. The trends established in 2024 set the stage for an even greater acceleration of electrification in the years ahead. With governments doubling down on climate targets, automakers investing billions in next-generation EVs, and consumers increasingly embracing the benefits of electric driving, the shift toward electric mobility is poised to continue its upward trajectory. The race is now on among automakers to capture this growing market, even as supply chains adjust and charging networks scale to meet the demands of the electric era.