Electric car sales are defying expectations in 2024, with a massive 63% growth in January compared to the same month last year. This flies in the face of predictions of a slowdown, showcasing the increasing popularity of EVs.
Surprising Growth in Southeast Asia
Markets like Thailand (240% growth), Turkey (220% growth), and Brazil (163% growth) are experiencing explosive EV adoption, challenging the idea that EVs wouldn’t be successful in these regions. Affordability is a key driver, making EVs a more mainstream choice.
Tesla Still Reigns, BYD Makes a Move
Tesla remains the king of electric cars, with the Model Y leading the pack with an estimated 74,230 deliveries in January. However, BYD, the Chinese electric car giant, is making a strong push. Their Seagull hatchback, primarily sold in China, secured third place with 28,000 deliveries.
BYD and Tesla Dominate, But Competition Brews:
The top 10 best-selling EVs in January were dominated by BYD and Tesla models. However, other brands like Changan, Wuling, and GAC are making inroads with affordable offerings, particularly in China.
BYD and Tesla in a Tight Race:
BYD and Tesla are neck-and-neck in the global EV race. While Tesla edged out BYD in January by a mere 3,000 deliveries, February sales suggest Tesla is currently ahead.
Looking Ahead: A Brighter Future for EVs
Despite February’s dip for BYD, the overall trend for EV sales remains positive. With battery costs declining and more affordable models available, electric cars are poised to become even more popular in the latter half of 2024. Experts predict that by year-end, prices will drop further, shattering myths of an EV slowdown.
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