Global plugin vehicle registrations were up 3% in February 2024 compared to February 2023. There were 830,000 registrations, making it possibly the last month with fewer than one million sales per month ever for plugin electric vehicles. BEVs were down by 6% YoY, but there’s no reason to sound the alarm, as this had more to do with the Chinese New Year celebrations happening in February, thus slowing down the largest EV market in the world, than anything else.
Volkswagen Group benefitted from the slowdown of the Chinese OEMs, allowing the German OEM to place three models in the top 20. The VW ID.4 ended the month in 10th, the VW ID.3 in 17th, immediately followed by the Audi Q4 e-tron in #18.ending the month in #16, with 6,841 units, while the Sino-British MG4/Mulan was 14th, once again benefitting from the slowdown of sales of most Chinese EVs.
The little Wuling Mini EV was up one spot, to #9, while Li Auto saw two of its models climb positions. The L7 climbed to 10th, while the flagship L9 re-joined the table in February in the 19th spot. The second half of the table saw Kia end the month in 12th, but the Korean brand wasn’t the only legacy brand to improve their standings, as Jeep ended the month in #14, ahead of #17 Ford and #15 Toyota. The US adventure brand is basing its current strength on the Wrangler PHEV and Grand Cherokee PHEVToyota. The Japanese brand is so far failing to create a best selling model.
The legacy brand recovery is also visible in the second half of the table, with Kia rising to #15, immediately followed by Toyota , Jeep , and Hyundai ., leader BYD lost share, going from 19.8% to its current 17.3%, while Tesla was up, as expected, to 12.4% share .
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