Electric Vehicles Surge: China Leads, Tesla Dominates in 2024

The electric vehicle (EV) market is experiencing a remarkable surge, with global sales reaching 17 million units by the end of 2024, representing a 20% increase from the previous year. China remains the dominant player, accounting for nearly 45% of total sales, with approximately 1.9 million electric cars sold in the first quarter alone—an increase of 35% compared to the same period in 2023.

Tesla continues to lead as the top manufacturer globally, bolstered by its innovative models and advancements in battery technology. The first quarter of 2024 saw a 25% rise in EV sales compared to 2023, with significant growth also observed in emerging markets like India and Vietnam, where sales increased by over 50%.

Despite challenges such as high interest rates and economic uncertainties, the momentum for electric vehicles is expected to persist, solidifying their role as a cornerstone of the automotive industry. 

 

Source: Global EV Outlook 2024..