Q1 2024 NEV Sales Increase by 16.9% YoY; PHEVs Surge Nearly 50%

According to TrendForce's global automotive research report, in the first quarter of 2024, global new energy vehicle (NEV) sales (including battery electric vehicles, plug-in hybrid electric vehicles, and hydrogen fuel cell vehicles) totaled 2.842 million units, marking a year-over-year increase of 16.9%. This is the first time in three years that quarterly growth has fallen below 20%. Among these, battery electric vehicle (BEV) sales reached 1.8 million units, with a year-over-year growth of 4.2%, while plug-in hybrid electric vehicle (PHEV) sales hit 1.041 million units, soaring by 48.3%.

In the BEV segment, Tesla secured the top spot with a market share of 21.5%, followed by BYD (excluding Denza) at 16.6%. However, in terms of year-over-year growth, Tesla saw a decrease of 8.5%, while BYD grew by 13.3%. SAIC-GM-Wuling ranked third, and BMW made its debut in the fourth position, with sales increasing by 41.1% compared to the same period last year. GAC Aion's sales declined by 37.2% year-over-year in the first quarter, dropping to sixth place. The Aion S, a key model, primarily serves ride-hailing customers, but limited space in the commercial market and the inability to expand the consumer market have led to a sales gap. GAC Aion's quarterly ranking and market share have consecutively declined for two quarters.

In the PHEV segment, BYD continued to dominate sales, showing growth in the first quarter compared to the previous year, although its market share slightly declined. As a group with four sub-brands, BYD's market share exceeds 30%. AITO ranked second, with the Wenjie M7 as its key model, but recent traffic accidents have tested the brand's image and consumer trust. Li Auto took the third spot, planning to focus on PHEVs after the poor market response to its first BEV. Li Auto aims to boost its sales and market share with the launch of the affordably priced L6 at 250,000 RMB in the second quarter. Jeep, ranked sixth, saw a 37% year-over-year growth in its main model following a redesign.

TrendForce noted that PHEVs will play an increasingly significant role in the electrification process. As demand for BEVs slows, hybrid electric vehicles are showing resilience in sales due to their convenience. Additionally, several automakers have announced adjustments to their European market strategies, stepping back from the goal of full electrification by 2030. Many automakers are reinvesting in PHEV development or extending the lifecycle of PHEV models, potentially allowing PHEV sales in Western Europe, which have declined for two consecutive years, to rebound in 2024.