SNE Research 1Q Global Electric Vehicle Market Survey
Sales Increase by 20.4%... China Accounts for 56%
US and Europe Move to Ease Fuel Efficiency Regulations
"Mid- to Long-Term Electrification Trend to Continue" Forecast
Global electric vehicle sales in the first quarter of this year maintained growth compared to the same period last year. China led the market, accounting for 56% of total electric vehicle sales in the first quarter. Meanwhile, Europe and the United States, which had experienced rapid growth until now, have slowed down, showing signs of deceleration.
According to energy market research firm SNE Research on the 8th, the total number of electric vehicles (including plug-in hybrid vehicles) registered worldwide in the first quarter (January to March) reached 3.139 million units, a 20.4% increase compared to the same period last year.
By company, China's BYD sold 590,000 units, up 9.9%, securing first place with an 18.5% market share. BYD's pure electric vehicle sales, excluding plug-in hybrid electric vehicles (PHEVs), were approximately 290,000 units.
U.S. Tesla ranked second with sales of 413,000 units, down 2.4%. The decline in sales was due to weak performance of models other than the Model Y, delays in deliveries caused by the Red Sea incident, and the suspension of operations at the Berlin factory due to arson at a nearby power transmission tower. Tesla plans to advance production of a new low-cost model, originally scheduled for the second half of 2025, to early next year.
In third place was China's Geely with 247,000 units sold, followed by Germany's Volkswagen in fourth place with 208,000 units sold. Hyundai Motor Group ranked seventh with sales of 121,000 units, down 0.8%, behind China's Shanghai Automotive Industry Corporation (SAIC) and U.S. Stellantis.
SNE Research stated, "The sluggish sales of key models such as the Ioniq 5 and 6, and the EV6 contributed to the decline. However, global sales of the new Kona Electric and EV9 are expanding, and overseas sales of the Sportage and Tucson PHEVs are increasing, maintaining growth momentum."
By region, China recorded sales of 1.765 million units, capturing a 56.2% market share.
Although growth slowed in February due to the Lunar New Year, sales surged significantly in March, continuing the high growth trend. SNE Research explained, "Unlike early last year when sales plummeted due to subsidy cuts, sales of competitively priced compact electric vehicles have increased, consumer choices have expanded due to sub-brand launches by major automakers, and the mandatory production of new energy vehicles (NEVs) has been strengthened, leading to the full-scale popularization of electric vehicles."
Following China, Europe sold 731,000 units (23.3%), North America 404,000 units (12.9%), and Asia excluding China 180,000 units (5.7%).
In Europe, the easing and postponement of the Euro 7 regulation have made calls for slowing down electric vehicle adoption a reality. In the U.S., ahead of the presidential election, the Joe Biden administration is reviewing plans to strengthen emissions regulations to slow the transition to electric vehicles. Former President Donald Trump criticized the Biden administration's green policies and advocated focusing on internal combustion engine vehicles.
SNE Research said, "A slowdown in electric vehicle demand is expected for the time being, but this will gradually ease, and the electrification trend is expected to continue in the medium to long term. Although internal combustion engine regulations in Europe have been relaxed, policies banning the sale of internal combustion engine vehicles under carbon neutrality goals remain valid, and sales bans cannot be addressed by PHEVs and hybrid electric vehicles (HEVs)."
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