Strategy& – Electric Vehicle Sales Review, Q4 2024

Global BEV sales saw a significant growth of 14% in 2024, largely driven by the strong performance of the Chinese market, which accounted for 65% of over ten million BEVs sold worldwide. China experienced substantial growth in the fourth quarter, with BEV sales surpassing two million and PHEV sales increasing by 78% compared to the previous year. In contrast, BEV sales in the top European markets declined by 5% in Q4 YoY, likely due to OEMs delaying registrations to meet stricter emissions targets in 2025. The United States also recorded a surge in BEV sales towards the end of the year amid concerns of incentives being reduced. As the market continues to evolve, OEMs are faced with the challenge of adapting their sales models to meet regulatory requirements and changing consumer preferences. This highlights the importance of strategic planning and adaptation in a dynamic industry landscape.