Mikkel Christensen
More than 600 EV models were sold worldwide last year, but only a handful dominated global sales.
According to InsideEVs, more than 600 EV models were sold globally last year, but only a handful dominated the market.
While Tesla remained on top, low-cost Chinese electric cars rapidly gained ground and reshaped the global EV market.
Market leaders
According to figures from the International Energy Agency (IEA), just five battery-electric vehicles accounted for around 20% of global EV sales in 2024.
The Tesla Model Y ranked first, making up nearly 8% of worldwide battery-electric sales. The Tesla Model 3 followed with roughly 3.6% market share.
Three Chinese electric cars completed the top five: the Geely Geome Xingyuan with 3.5%, the Wuling HongGuang Mini with 3.1%, and the BYD Seagull with 3%.
Affordable growth
Unlike Tesla’s more expensive lineup, the Chinese models all sell for under $10,000 in their home market.
The Geely Geome Xingyuan starts at about $9,700 in China and offers up to 255 miles of CLTC-rated range with a 40 kWh battery pack. BYD’s Seagull starts near $8,000 with similar specifications on higher trims.
The Wuling HongGuang Mini comes in even lower at roughly $6,500, although its extended-range version includes a 26.5 kWh battery and around 190 miles of range.
By comparison, the entry-level Tesla Model Y costs close to $40,000 in the United States and around $36,700 in China.
China’s momentum
The IEA reported that roughly 30% of plug-in vehicles sold in China are priced below $20,000. In the United States, only about 20% of EVs start below $40,000.
Analysts have linked China’s strong EV growth to aggressive pricing competition between domestic automakers, which has helped drive down costs across the market.
The agency also noted that affordable Chinese EVs are gaining popularity in emerging economies, particularly in Southeast Asia, where lower prices have boosted adoption rates.
More choices ahead
The number of electrified vehicles available globally is expected to continue rising over the next several years.
According to the IEA, global plug-in model offerings increased from 440 in 2020 to an estimated 980 by 2025. Another 150 models are expected to launch this year.
By 2029, the organization forecasts around 1,250 electric vehicle models will be available worldwide, approaching the projected 1,580 combustion and hybrid vehicles expected to remain on sale.
Sources: InsideEVs, International Energy Agency (IEA)
