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China's Electric Vehicle Market Booms in 2024
China's electric vehicle (EV) market saw a significant surge in 2024, with a total of 11.2 million battery-electric vehicles (BEVs) and plug-in hybrid (PHEVs) registered, representing a growth of 38.2% compared to the previous year[1].
BYD Dominates Market
BYD led the charge, dominating the market with 3.52 million deliveries, up by 28.2% compared to the whole of 2023[1]. The company held a commanding share of approximately 29.4% of the market, making it the undisputed market leader among automotive groups in China[2][3].
Geely, Changan, SAIC, and Tesla Trail Behind
Other major brands performed as follows: - Geely ranked second with a 12.5% market share, though it saw a slight decline compared to the previous period[2]. - Changan was third with around 6.7% share[2]. - SAIC ranked fourth with a 5.8% market share but experienced a decrease, partly due to the performance of its sub-brand Wuling being insufficient to maintain share[2]. - Tesla held the fifth position with about 4.8% market share, increasing slightly in June 2025, but its previous stronger standing in 2024 had diminished significantly[2].
Li Auto, Aion, Chery, Aito, and Wuling's Performance
Li Auto had 500,984 registrations in 2024, a 33.2% year-on-year improvement, securing fourth place[1]. Aion struggled in 2024 and was the only marque in the top 10 to post a volume loss, with its market share down 2.7pp year on year[1]. Chery took sixth place in December 2024 with 48,980 units delivered, a 211.6% higher figure than December 2023[1]. Aito ended December 2024 in tenth place with 30,180 registrations, a 22.2% rise over December 2023[1]. Wuling secured second place in December 2024 with 96,385 deliveries, a 42.8% rise[1].
EV Registrations and Shares
In December 2024, EV registrations grew by 33.6%, with 1.33 million units delivered. BEVs took a 56.6% share, and PHEVs took 43.4%. The share of BEVs in the EV market dropped from 66.7% in 2023 to 56.6% in 2024, while the share of PHEVs increased from 33.3% to 43.4%[1].
Government Incentives and Manufacturing Dominance
China’s EV fleet and manufacturing dominance are supported by vertical integration strategies, with companies like BYD investing heavily in battery production and global expansion plans[1][4]. This dominance was further fuelled by government incentives such as the ¥20,000 trade-in subsidy introduced that year. This trade-in program boosted new EV adoption, with 60% of participants opting for electric models, reaching nearly 58 million EVs in total by the end of 2024[1].
Summary
In summary, BYD was the leader in China’s EV market throughout 2024, significantly ahead of rivals Geely, Changan, SAIC, and Tesla, which all held smaller but still notable shares amid a rapidly expanding overall market[2][3]. The market growth, driven by government incentives and domestic manufacturing dominance, is expected to continue in the coming years, making China a key player in the global EV market.
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In the rapidly expanding electric vehicle (EV) market of 2024, China's significant surge in registration saw 11.2 million battery-electric vehicles (BEVs) and plug-in hybrid (PHEVs) being registered, with technology playing a crucial role in the market boom [1]. Amidst this advancement, technology-focused companies like BYD dominated the market, leading with 3.52 million deliveries, utilizing their electric-vehicle technology and investments in battery production to secure a commanding 29.4% market share [1][2]. Moreover, despite other brands like Geely, Changan, SAIC, and Tesla trailing behind, they still held substantial but smaller market shares as China's electric vehicle landscape evolved [2][3].
