Umair Gaines
Electric vehicles (EVs) are growing in popularity, with sales and their share of total vehicle sales worldwide increasing rapidly in recent years. The EV market is highly competitive, with several companies vying for the top spot. In 2022, Tesla's Model Y was the world's most popular plug-in electric vehicle, with global sales of around 771,300 units. However, China-based BYD overtook Tesla as the best-selling plug-in electric vehicle (PEV) brand that year, leveraging a large offering of plug-in hybrid electric models. Other notable EV manufacturers include Stellantis, Geely, and Mercedes-Benz, which aim to expand their EV offerings and sales in the coming years.
| Characteristics | Values |
|---|---|
| Top EV Automotive Groups in Q1 2024 | BYD Group, Tesla, Geely-Volvo, Volkswagen Group, SAIC |
| Number of Units Sold in Q1 2024 | BYD Group: 624,398, Tesla: 386,825, Geely-Volvo: 251,106, Volkswagen Group: 205,652, SAIC: 149,290 |
| Percentage Share of the Plug-in Car Market in Q1 2024 | BYD Group: 19.4%, Tesla: 12%, Geely-Volvo: 7.8%, Volkswagen Group: 6.4%, SAIC: 5.7% |
| Top EV Models in 2022 | Tesla Model Y, Tesla Model 3, BYD Han |
| Top EV Models in 2025 | Tesla Model Y, Honda Prologue, Tesla Model X, Kia EV9 |
| US EV Market Share in Q4 2024 | Tesla: 44%, General Motors: 50% increase YoY, Ford: 38% increase YoY |
| US EV Market Share in 2023 | Tesla: 55% |
| US EV Market Share in 2022 | Tesla: 62% |
| US EV Market Share in Q1 2022 | Tesla: 75% |
| Number of Units Sold in 2022 | Tesla Model Y: 771,300, Tesla Model 3: 1.7 million combined with Model Y |
| Number of Units Sold in 2024 | Chevrolet Bolt: N/A (being phased out) |
| Number of Units Sold in Q1 2024 | Tesla: 386,825 |
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What You'll Learn
Tesla's Model Y
Tesla remains a dominant player in the electric vehicle market, with its Model Y being the world's most popular plug-in electric vehicle in 2022, with worldwide unit sales of roughly 771,300. In 2024, Tesla's US EV market share fell to 44%, with the company facing competition from Asian brands. However, the Model Y continues to sell in big numbers and is the most popular EV on sale as of March 2025.
The Tesla Model Y is a fully electric small crossover SUV, which first hit the market in 2020. The 2025 model received a styling refresh, with redesigned headlights and taillights, and new full-width accent lights, giving it a distinctive look. The interior was also updated with improvements to the materials used, more sound-deadening, and the addition of ventilated front seats and a rear-seat passenger display. The Model Y offers a spacious interior, fast charging times, quick acceleration, and an estimated range of 300-337 miles per charge.
The 2026 Model Y is expected to build on the success of the 2025 model, with Tesla initially selling a loaded-up Launch Series, which is a dual-motor long-range all-wheel-drive version with an estimated 327 miles of range. Lower-priced versions with fewer features and less range are expected to follow. The price of the 2025 model is expected to start at around $46,000 and go up to $61,630, depending on the trim and options.
The Tesla Model Y has been a sales success since its launch and is an important vehicle in Tesla's lineup. Its popularity can be attributed to its combination of a spacious interior, good driving range, fast charging times, quick acceleration, and sporty handling.
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Honda's first electric vehicle
As of 2025, the Honda Prologue is Honda's first electric vehicle, co-developed with General Motors. The Honda Prologue offers a comfortable ride, with both single- and dual-motor options, and an EPA-rated range of up to 296 miles. The Prologue stands out for its spacious interior, with class-leading rear-seat legroom, generous headroom, and competitive cargo space. It can comfortably seat three adults in its second row, and its interior design has received praise.
Prior to the Prologue, Honda had experimented with electric vehicles, most notably with the Honda EV Plus. The EV Plus was Honda's first attempt at a battery-electric vehicle, and it was an important learning experience for the company. The project began in 1988, and the first prototype was designed based on the existing three-door hatchback Civic. The EV Plus was produced and released in limited numbers, with approximately 340 models made before production was discontinued in 1999.
The EV Plus served as a testbed for advanced battery chemistry and met California's Zero-Emission Vehicle (ZEV) requirements. It featured regenerative braking, AC/heat pump climate control, HID headlights, electrically heated windshields, and an oil-fired heater for passenger comfort. Despite these innovations, Honda was disappointed with the EV Plus, as it fell short of their expectations for an electric vehicle.
The Honda Prologue, introduced in 2024, represents Honda's renewed commitment to electric vehicles and their first mass-market offering in this segment. While its performance may not match that of a typical Honda, its comfortable ride, spacious interior, and impressive range make it a competitive option in the electric vehicle market.
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BYD overtakes Tesla
In the electric vehicle (EV) market, Tesla has been a dominant player for a long time. However, in the last quarter of 2023, China-based BYD overtook Tesla in electric car sales, marking a significant shift in the industry. BYD sold a record 526,000 battery-only vehicles in the final quarter, while Tesla delivered 484,500 electric vehicles in the same period. This milestone by BYD highlighted the increasing competitiveness of the EV market and the challenges faced by Tesla to maintain its top position.
BYD's success can be attributed to several factors, including its strong battery business, which allowed the company to cut prices and boost sales. BYD's revenue for 2023 was reported to be $107 billion, aided by the sales of its hybrid vehicles. Additionally, BYD's battery-only sales outpaced Tesla's, with almost 1.6 million battery-only vehicles sold for the year. BYD's ability to reduce costs and increase sales contributed to its growth.
While Tesla faced a slowdown in demand and rising borrowing costs, BYD's flexible business model and pricing strategies helped it gain an edge. BYD's chief executive, Wang Chuanfu, co-founded the company in 1995, and it has since become the world's biggest manufacturer of battery electric and plug-in hybrid electric cars. BYD's success in the Chinese market is particularly notable, where it accounts for roughly a third of all EV sales in the country.
In 2024, Tesla narrowly retained its title as the biggest maker of pure electric cars, but BYD's advancements and innovations continued to prompt investor interest. BYD's announcement of its super-fast charging technology, which can add 400km (249 miles) of range in just five minutes, has been a significant development. This technology will first be featured in BYD's Han L saloon and Tang L SUV models, giving them a competitive advantage in the market.
BYD's rise to the top spot in the EV market demonstrates the dynamic nature of the industry and the increasing competition faced by Tesla. As the EV market continues to evolve, it remains to be seen whether BYD can sustain its momentum and further expand its global presence.
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Electric SUVs from Hyundai and Kia
Electric vehicles are growing in popularity, with consumers becoming increasingly interested in plug-in electric vehicles. In 2022, Tesla was the world's best-selling electric vehicle brand, with its Model Y being the most popular EV on sale. However, Tesla faced competition from Asian brands, with China-based BYD overtaking it as the best-selling PEV brand.
Hyundai and Kia are betting big on their new electric SUVs to drive growth in 2025. Hyundai's first three-row electric SUV, the IONIQ 9, is expected to launch in the US and Korea in the first quarter of 2025, with full-scale sales in Q2. The IONIQ 9 is slightly bigger than Kia's three-row EV9, which is already off to a strong sales start in the US, with over 22,000 models sold. The EV9 has an EPA-estimated driving range of up to 304 miles and offers a spacious, "lounge-like" cabin. It also boasts fast-charging capabilities, with the ability to charge from 10-80% in as little as 24 minutes. The Kia EV9 has a clean, modern, and upscale interior, with spacious and comfortable seating for up to seven passengers. It also has class-leading cargo space and innovative features like vehicle-to-load ports and vehicle-to-home backup power capabilities.
In addition to the IONIQ 9 and EV9, Hyundai and Kia are introducing several new EVs in 2025 to expand their mass-market lineups. Hyundai will be updating its IONIQ 5, while Kia will be launching the smaller EV5 and EV3 models globally, with the EV5 already on sale in China and Europe and the EV3 in Europe. Kia is also launching the EV4, its take on an electric sedan. With these new models, Hyundai (including Kia) aims to sell 7.39 million vehicles in 2025, representing a 2% increase from 2024.
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Stellantis' merger
As of 2023, Stellantis was the world's fourth-largest automaker by sales. The company was formed by the merger of Fiat Chrysler Automobiles (FCA) and the French PSA Group in 2021. The merger was first announced in December 2019, with the new name, Stellantis, being unveiled in February 2022. The name is derived from the Latin verb "stello", meaning "to brighten with stars". The merger was approved by the European Commission in December 2020, with the deal completed and the company renamed in January 2021. Stellantis is headquartered in Hoofddorp, Netherlands, and designs, manufactures, and sells cars under 14 brands, including Abarth, Alfa Romeo, Chrysler, Citroën, Dodge, and Fiat.
Stellantis has a broad sales presence, with operations in over 130 countries and manufacturing facilities in 30 countries. At the time of the merger, the company had approximately 300,000 employees. Stellantis's first CEO was Carlos Tavares, the former president of the PSA managing board and former CEO of the PSA Group. The company's stock is listed on the Euronext Paris, Borsa Italiana, and New York Stock Exchange.
Stellantis has faced some challenges, including a drop in new vehicle sales in the third quarter of 2021 due to semiconductor chip shortages. The company has also had to navigate geopolitical issues, such as pausing production at French plants in June 2022 due to ongoing semiconductor shortages and halting operations in Russia in April 2022 due to sanctions following the Russian invasion of Ukraine. Despite these setbacks, Stellantis remains a significant player in the automotive industry, with a commitment to electrification, as evidenced by its agreement with semiconductor manufacturer Foxconn and its plan to develop four EV platforms by the end of the 2020s.
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Frequently asked questions
BYD remains the largest group, with over 624,000 units registered and a 19.4% market share.
Tesla, with 386,825 units sold and a 12% market share.
Geely-Volvo, with 251,106 units sold and a 7.8% market share.
Volkswagen Group, with 205,652 units sold and a 6.4% market share.
SAIC, with 149,290 units sold and a 7.3% market share.
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