Electric vehicle sales globally by model 2024

The Tesla Model Y was the world’s most popular plug-in electric vehicle with worldwide unit sales of roughly *** million in 2024. That year, deliveries of Tesla's Model 3 and Model Y stood at around **** million. 

Competition increases in electric vehicle manufacturing

While *** out of the **** best-selling plug-in electric vehicle (PEV) models were Tesla-branded, the battery electric vehicle manufacturer faced competition from Asian brands in 2022. China-based BYD overtook Tesla as the best-selling PEV brand that year, relying on a large offering of plug-in hybrid electric models. BYD has since maintained its position as market leader through 2024. No European models made it to the top ten that year.

Technology drives automotive electrification

Electric vehicles are growing in popularity. Consumers have become more interested in plug-in electric vehicles following important technological developments. Technology has significantly increased the range of electric vehicles and public charging infrastructure, meaning that plug-in vehicles are becoming more accessible and practical. However, while technological advances have contributed to the success of the market, the lack of public awareness surrounding electric vehicles, the lack of charging infrastructure and concerns surrounding the cost of battery replacement could lower demand.