Global electric vehicle (EV) sales saw significant developments in October, with the compact Wuling Mini EV surpassing the Tesla Model Y to become the best-selling electric vehicle. A total of over 1.9 million plug-in vehicles were registered worldwide during the month, reflecting a 10% increase compared to October 2024, despite a substantial decline in the US market.
Battery electric vehicles (BEVs) experienced a noteworthy rise, growing by 19% year-on-year to reach approximately 1.3 million units. In contrast, plug-in hybrid electric vehicles (PHEVs) faced a decline of 5% year-on-year, totaling around 600,000 registrations. The slowdown in the Chinese market, where PHEV sales dropped by 11%, heavily influenced these figures. If China is excluded from the PHEV statistics, the technology would have shown a healthy growth of 19%.
Regional Market Trends and Performance
While the US market struggled, down nearly 50% year-on-year, Europe and other regions stepped up with remarkable growth. European registrations increased by 38%, while other areas such as Vietnam, India, Indonesia, and Turkey reported astonishing growth rates of 117%, 98%, 101%, and 157% respectively.
In the global context, BEVs accounted for 19% of the overall auto market, increasing to 28% when including PHEVs. Year-to-date figures indicate a 17% share for BEVs, with a combined BEV and PHEV share of 26%.
Sales Highlights and Notable Models
The October sales report revealed that the Wuling Mini EV achieved 61,515 units sold, marking a new record and displacing the Tesla Model Y, which saw sales drop to 53,320 units, a decrease of 37% year-on-year. The Tesla Model 3 also saw a decline, selling 19,961 units, resulting in its worst performance since July 2022, placing it at 14th in the sales ranking.
In addition to the Wuling Mini EV’s success, the Geely Xingyuan secured the bronze medal with over 44,000 registrations. Other notable performers included several models from BYD, which maintained a strong presence with seven vehicles in the top rankings. A newcomer, the Xiaomi YU7, made its mark with over 33,000 registrations, indicating a successful production ramp-up.
Emerging brands also showcased impressive performances. The Leapmotor C10 re-entered the top rankings at 15th with a record 19,044 registrations, while the BYD premium brand Fang Cheng Bao’s Tai 7 SUV debuted at 13th with 20,000 units in its second month on the market.
The competitive landscape is shifting as well, with the Wuling Mini EV and BYD Seagull poised to challenge the Geely Xingyuan for podium positions in the upcoming months.
As the year progresses, the market dynamics suggest a potential reshuffling among the top models, especially with increasing production capacities across various manufacturers. Tesla, while currently facing a downturn, is expected to strategize for recovery over the next quarters, although its position in the market is under scrutiny.
Overall, the October sales figures illustrate a vibrant and evolving landscape in the global electric vehicle market, with traditional leaders now contending with rising challengers. The Wuling Mini EV’s ascent to the top reflects changing consumer preferences and the growing competition among manufacturers.
