Amid the global automotive industry’s seismic shift towards electric powertrains, Chinese automaker BYD Limited has successfully maintained its position as the world’s largest group in terms of quarterly EV sales.

According to newly-released stats, nearly 3.2 million units of new passenger plug-in electric vehicles were sold worldwide during the first quarter (January through March) of this year, up 25 per cent year-over-year. More than 50 per cent of all rechargeable cars sold worldwide came from five groups, viz. BYD Group, Tesla, Geely-Volvo, Chinese state-owned SAIC and Volkswagen Group.

Those five automotive groups accounted for more than 1.65 million rechargeable car registrations, up 14 per cent year-over-year. However, these automobile giants’ share in this segment declined to 51.6 per cent in the first quarter of this year, from 56.8 per cent in the corresponding quarter of 2023. This leaves slightly more than 1.55 million units and a 48.4 per cent share for the rest of the industry. In other words, it shows that the group of top five seems to losing some market share.

Embodying the pinnacle of technological prowess and market dominance, Chinese automobile giant BYD once again emerged as the biggest group, with more than 624,000 units registered. However, its market share slipped from 21.3 per cent to 19.4 per cent.

At the second spot, American electric car pioneer Tesla remained intact, with more than 386,000 units sold in the quarter under review. Like BYD, Tesla also suffered a decline in its market share, from 16.5 per cent to 12 per cent. Together, these Chinese and American brands accounted for 31.4 per cent of the global plug-in market, down from 37.8 per cent in the year-ago period.

Geely-Volvo, Volkswagen Group and SAIC emerged as the next three largest automotive groups.

The list of other OEMs with market share of below five percent includes Stellantis, Changan, BMW Group and Hyundai, which grabbed 4.3 per cent, 4.0 per cent, 3.8 per cent and 3.5 per cent, respectively.

When it comes to BEVs, Tesla maintained its top position with over 386,000 registrations, while BYD grabbed second spot with 300,000 units.

The competition in the fast-growing automotive world is undeniably going to be fierce as BYD continues to lead the charge, while Tesla, Geely-Volvo, SAIC and VW Group are vying for supremacy. The competition is expected to reshape the future of transportation, propelling the world towards a greener and more sustainable tomorrow.