MEMPHIS REISEN

Global Plug-In Car Sales Increased 19% In March 2024 To 1.3 Million

In March 2024, global registrations of plug-in electric cars increased by 19% year-over-year, indicating strong demand despite various challenges.

According to EV-Volumes data shared by researcher Jose Pontes, 1,314,687 new passenger plug-in electric cars were registered globally in March, the third-highest monthly result ever recorded. The market share amounted to roughly 19% (compared to 16% a year ago).

Global EV sales record

More than 13.6 million plug-in electric cars were registered around the world in 2023. That’s about 16% of all car registrations. In 2024, it might be close to 20 million units.

All-electric car registrations accounted for about 65% of all plug-in car registrations, some 855,000 (up 7% year-over-year) and a 13% market share. Plug-in hybrid car registrations are estimated at roughly 460,000, up 50% year-over-year.

March was also a very good month for non-rechargeable hybrids, which noted a new monthly record of new registrations and a 16% market share. All electrified types combined represented 35% of the market.

Plug-in car registrations for the month (YOY change):

• BEVs: about *855,000 (up 7%) and 13% market share
• PHEVs: about *460,000 (up 50%)  and 6% market share
• Total: 1,314,687 (up 19%) and 19% market share

* estimated

More than 3.2 million plug-in electric cars were registered worldwide in the first three months of the year, which is about 16% of the total volume.

Plug-in car registrations January-March 2024 (YOY change):

• BEVs: about *2 million and 10% market share
• PHEVs: about *1.2 million and 6% market share
• Total: 3,216,366 (up 25%) and 16% market share

* estimated

For reference, in 2023, almost 13.7 million plug-in electric cars have been registered worldwide, which was 16% of the total volume (compared to 14% in 2022, 9% in 2021 and 4% in 2020). 2024 should be even better, potentially close to 20 million units.

Model rank

In March, just like in the previous months, the Tesla Model Y continued to be the world’s best-selling plug-in model with a massive 118,985 registrations. This recent result enabled Model Y to strengthen its year-to-date position.

However, let’s also note that BYD placed seven plug-in nameplates in the top 10, and the only two non-Chinese models on the list are Tesla Model Y and Model 3.

Top 10 for the month:

1. Tesla Model Y – 118,985
2. BYD Song – 64,616 (10,048 BEVs + 54,568 PHEVs) 
3. BYD Qin Plus – 52,305 (21,160 BEVs + 31,145 PHEVs)
4. Tesla Model 3 – 41,035
5. BYD Seagull (aka Dolphin Mini) – 30,466
6. BYD Yuan Plus (aka Atto 3) – 29,182
7. BYD Han – 23,138 (9,128 BEVs + 14,010 PHEVs) 
8. BYD Destroyer 05 (PHEV) – 19,153
9. Aito M7 (EREV): 18,512
10. BYD Dolphin – 17,959

* BEV and PHEV versions of the same models were counted together in the source.

Brand rank

In terms of brands, BYD continued to sell the highest number of plug-in electric cars. Tesla was number two overall, but the brand is also number one in the all-electric car category.

One of the most surprising things is how strong BMW and Mercedes-Benz are.

Top 10 for the month:

1. BYD – 286,712
2. Tesla – 167,883
3. BMW – 50,799
4. Mercedes-Benz – 38,069
5. SAIC-GM-Wuling – 36,374
6. Volvo – 34,651
7. Volkswagen – 33,694
8. Li Auto – 32,606
9. Aito – 31,995
10. Geely – 25,542