2024 Chinese Car Company in Pursuit of Tesla: Race to Dominate Electric Vehicle Market

 Behind Volkswagen are SAIC (market share 7.2%), Geely-Volvo (6%), Stellantis (4.7%) and Hyundai Motor Group (4.6%).

Below is the Top 5 list:

Chinese car company chases Tesla, electric car market order changes - 2

The top 5 above achieved total sales of 5,334,748 vehicles, equivalent to 52.8% market share; The remaining number reached 4,756,416 vehicles, accounting for 47.2% of the market share.

The total capacity of the world electric vehicle market in 2022 is 10,091,164 vehicles.

Pure electric vehicle (BEV)

If considering only pure electric cars, the Top 5 has changed slightly, with Tesla still in the leading position and far ahead of the remaining positions. Specifically, in 2022, the company sold more than 1.3 million electric vehicles, accounting for 18.2% of the market share in this segment despite a decrease of about 5 percentage points compared to 2021.

Meanwhile, BYD has had strong sales growth in the pure electric vehicle segment in 2022, with sales reaching 913,052 units, accounting for 12.6% of the market share, rising from 4th place in 2021 to 1st. 2nd in 2022. It is unlikely that this Chinese automaker can overtake Tesla this year, but at this rate, the gap will certainly be shortened.

In third place is SAIC (9.3% market share), thanks to the SAIC-GM-Wuling joint venture and "tiny" electric car models.

Volkswagen Group ranked 4th with a market share of 7.9%.

In 5th place, Hyundai was replaced by Geely-Volvo (5.3%).

Below is the list of Top 5 pure electric vehicle manufacturers in 2022:

Chinese car company chases Tesla, electric car market order changes - 3

Top 5 achieved sales of 3,854,110 vehicles, accounting for 53.3% market share; The remaining manufacturers reached about 3.38 million vehicles, accounting for 46.7%. The total capacity of the global pure electric vehicle market in 2022 was about 7.23 million vehicles.

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