Global EV sales hit record high in 2024, with Tesla facing decline but BYD outperforming

From Nasdaq: 2025-01-16 04:24:00

In 2024, global sales of EVs and plug-in hybrids reached a record high of 17.1 million units, with China leading the growth at 40%. Despite Tesla’s first annual decline in sales, BYD Co Ltd. outpaced them in deliveries, with China as a key market for EV competition. Europe saw mixed results, with overall sales declining by 3%.

In North America, EV sales grew by 9% in 2024, with the U.S. and Canada collectively selling 1.8 million EVs. Tesla continued to dominate the market with a 50% share, while legacy automakers like General Motors and Ford also saw significant growth in their EV sales. Gas-powered car sales are steadily declining, with EVs gaining popularity.

Looking ahead to 2025, the U.S. is projected to have 1 in 4 vehicles sold as electrified, with pure electric cars making up 10% of total sales. China and Europe are expected to see growth in EV adoption, driven by government support and sustainability initiatives. The transition to EVs is becoming the new norm as gas car sales decline.



Read more at Nasdaq: The Zacks Analyst Blog Highlights Tesla, BYD, General Motors and Ford