Global electric vehicle (EV) sales reached a significant milestone in October, with over 1.9 million plug-in vehicles registered. This marks a 10% increase compared to the same month in the previous year. Battery electric vehicles (BEVs) saw a 19% rise year-on-year, while plug-in hybrid electric vehicles (PHEVs) experienced a 5% decline. Notably, the tiny Wuling Mini EV emerged as the best-selling model, surpassing the Tesla Model Y for the first time.
Despite a challenging month for the US market, which saw a nearly 50% year-on-year decrease, global registrations remained buoyant. While the Chinese market grew modestly at 7%, the figures were dragged down by a significant 11% drop in PHEV sales. Europe, on the other hand, exhibited robust growth with a 38% increase, while regions like Vietnam and India reported astonishing growth rates of 117% and 98%, respectively.
The shift in market dynamics is evident as BEVs now represent 19% of the overall automotive market share, and when including PHEVs, that figure rises to 28%. Year-to-date, BEVs account for 17% of the market share.
October’s Best-Selling EV Models
The standout performance of the Wuling Mini EV, which recorded 61,515 units sold, has shifted the competitive landscape. The Tesla Model Y, with 53,320 units sold, suffered a 37% decline year-on-year, marking its worst performance since July 2022. The Tesla Model 3 also struggled, landing in 14th place with 19,961 units sold, reflecting a 25% drop compared to the previous year.
Other notable performers included the Geely Xingyuan, which secured the third spot with over 44,000 units, and the BYD Armada, which maintained a strong presence with multiple models in the top rankings. The Xiaomi YU7 also made waves, securing 7th place with over 33,000 units, showcasing the brand’s rapid production ramp-up.
Looking at the second half of the table, the Leapmotor C10 made a noteworthy return with 19,044 units, while the BYD Tai 7 SUV, launched just two months ago, impressed with 20,000 registrations.
Market Trends and Future Projections
As the year progresses, the competition remains fierce. The year-to-date standings show the Tesla Model Y and BYD Song likely retaining their positions as top sellers, but the Geely Xingyuan is closing in on the Tesla Model 3. With a current lead of 25,000 units, it seems poised to potentially surpass the veteran sedan in 2026 as its export volumes begin to increase.
In the brand rankings, BYD continues to lead despite a slight decline, holding 22.2% of the market share. For the first time, the podium is entirely comprised of Chinese manufacturers, with Geely in second at 10.8% and Wuling in third with 10.2%. Meanwhile, Tesla faced challenges, recording 76,000 deliveries, a sharp decline of 36% year-on-year, placing it outside the top three for the first time in several years.
The evolving landscape signifies not just a shift in consumer preferences but also the growing competitiveness of Chinese manufacturers in the global EV market. As Tesla works to stabilize its sales, the successes of brands like Wuling and Geely illustrate a changing tide in the automotive industry. The coming months will be critical for all manufacturers as they navigate these challenging yet opportunistic market conditions.
