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NEV Sales Increase 16.9% in the First Quarter of 2024 While PHEV Sales Surge Nearly 50%, Says TrendForce

According to TrendForce Global Automotive Reports, the global sales of NEVs (including BEVs, PHEVs, and FCEVs) surged to 2.842 million units in 1Q24—making a 16.9% YoY increase. Notably, this is the first time in three years that the YoY growth rate of quarterly global NEV sales has dipped below 20%. BEV sales reached 1.8 million units, up 4.2% YoY, while PHEV sales skyrocketed 48.3% to 1.041 million units.

In the BEV segment, Tesla held its crown with a 21.5% market share, despite a YoY growth rate of -8.5%. BYD (excluding Denza) followed with a 16.6% share and a growth rate of 13.3%. SAIC-GM-Wuling claimed third place, while BMW impressively climbed to fourth with a 41.1% sales increase. Conversely, GAC Aion experienced a sharp 37.2% decline, dropping to sixth as its key model, the Aion S, struggled to expand beyond the ride-hailing market. However, the commercial market space is limited. Without expanding into the consumer market, GAC Aion’s sales are likely to decline. Consequently, its quarterly ranking and market share have fallen for two consecutive quarters.

The PHEV segment saw BYD continue its dominance, even though its market share slightly dipped. As a group, BYD’s combined sub-brands secured over 30% of the market. AITO ranked second, but its key model, the M7, is facing scrutiny over traffic accidents, which may impact its brand image and consumer trust. Li Auto, ranked third, shifted focus to PHEVs following a lukewarm response to its first BEV, with its new affordable L6 model (CNY 250,000) expected to drive sales and market share this year. Jeep ranked sixth, enjoying a 37% sales boost after updating its main models.

TrendForce underscores that PHEVs are set to play a crucial role in the electrification journey, maintaining strong sales resilience amid slowing BEV demand. Automakers are recalibrating their strategies within the European market as they move away from a 2030 full electrification goal and begin reinvesting in PHEV development. This pivot could revive PHEV sales in Western Europe, following two years of decline, and drive growth through 2024.

For more information on reports and market data from TrendForce’s Department of ICT Applications Research, please click here, or email the Sales Department at

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