Full electric: Top 10 BEV makers 2024

Jun. 3, 2024

Tesla’s gap 

During January and February 2024, a combined 77.8 GWh of fresh battery capacity was deployed onto roads globally in newly sold full electric vehicles (BEVs), 23% more than the same two months in 2023. 

Given that China represents half of the global EV market, and to smooth out the impact of the lunar new year holiday on trading activity, Adamas aggregated battery capacity and EV registrations data for January and February to make a meaningful comparison year on year.   

Tesla was the clear world number one during the first two months of the year, supplying 17.7 GWh of pack power to buyers of its Cybertruck and S, 3, X and Y models, representing a 12% increase over January-February last year.  Tesla captured 23% of the global BEV market over the two months. 

Recalls notwithstanding, the Cybertruck, with its 122 kWh battery pack (and optional 47 kWh range extender), will no doubt haul a good chunk of the Texas-based company’s power-hours over the rest of the year – its beefy battery is almost double the size of the pack fitted to the average BEV globally.

BYD’s bevy 

BYD, which became the world’s top EV unit producer thanks to a sales mix that is almost half plug-in hybrid, is in second place but when it comes to BEVs, the Shenzhen-based company lags well behind Tesla. BYD deployed 10.2 GWh in January and February in the full electric variants of the Dolphin and Seagull and Song and Qin models. In BEV terms, BYD’s global market share of 13% is down compared to 2023.   

Ranked third is the Volkswagen Group. The combined battery capacity of BEVs rolled out of Wolfsburg’s stable and onto roads for the first time in January and February 2024 came to 6.6 GWh, a 14% increase over the same period in 2023. 

VW’s tally includes VW-badged vehicles sold in China, manufactured in partnership with SAIC and FAW. Globally, the German group’s top BEV models were the Audi Q4 e-tron followed by the VW ID.4 and Skoda Enyaq.

Full electric: Top 10 BEV makers 2024Geely’s empire 

Geely (or Zhejiang Geely Holding Group) slots in behind Volkswagen. The sprawling Chinese auto empire owns a slew of brands outright and through joint ventures that include little know marques outside its home base, such as Geometry and Cao Cao, but also household names in the West, such as Volvo and Smart (a 50:50 joint venture with Mercedes-Benz). 

Combined, Geely power-hours hitting roads for the first time totaled 5.6 GWh over the two months, a robust 34% jump over 2023.  

BMW’s growth 

BMW made the top 5 with 4.1 GWh deployed globally, up 54% compared to last year lending some credence to the Munich-based group’s assertion that 2023 constituted an EV tipping point in its history. BMW’s charge was led by the BMW i4, iX3 and iX, but the Mini Cooper and Rolls Royce Spectre also made small contributions to its total GWh deployment.  

While no 6 Hyundai-Kia made no headway year on year at 3.2 GWh, BMW’s traditional rival Mercedes-Benz (including Smart’s attributable battery power) at no 7 showed even better year on year growth in the premium BEV segment of 58% for a total of 2.9 GWh. 

At 68% year on year, China’s state-owned Shanghai Automotive Industry Corporation, or SAIC, was the fastest-growing automaker in the top 10 with 2.7 GWh deployed in eighth place, while GAC and its primary brand AION had a dismal start to 2024, shrinking its combined battery capacity deployment by 13% to 2.4 GWh. 

Italian-American’s rank 

Rounding out the top 10 is Italian-US auto group Stellantis with 2.0 GWh deployed during January-February after just reaching double digit year on year in terms of percentage growth.   

Stellantis owns more than a dozen brands, including European marques like Fiat, Alfa Romeo, Peugeot and Citroën, along with US stalwarts like Jeep, RAM trucks and Chrysler, but the Amsterdam-headquartered firm relies on plug-in hybrids for a large proportion of its sales. 

The top 10 automakers had a combined market share of 74% of the overall BEV market in January and February 2024 and, on average, grew battery capacity deployment by 18% year on year. The top tier’s control of the global BEV market is down from last year’s 77% as smaller players continue to catch up in the electrification race.  

 


 

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