From January to July this year, the global electric vehicle market excluding China grew by 7.1% compared to the previous year. Tesla still maintains the number one position, but its market share fell below 20% due to a decline compared to last year.
According to market research firm SNE Research on the 9th, the number of electric vehicles (including plug-in hybrids and commercial vehicles) sold worldwide excluding China from January to July reached 3.293 million units, up 7.1% from the previous year. Tesla sold 630,000 units of these, accounting for 19.1% of the total and ranking first. However, Tesla’s sales volume decreased by 7.1% compared to the previous year. Its market share also fell below 20%.
Tesla has recorded a market share in the 20% range in markets excluding China over the past few years based on electric vehicle sales. According to SNE Research, Tesla held 20.4% in 2022 and 21.3% in 2023. SNE Research explained, “Tesla’s sales declined due to a decrease in sales of Model 3 and Model Y, which account for 95% of Tesla’s electric vehicle sales,” adding, “Sales dropped by 12.2% in Europe and 8.3% in North America compared to the previous year.” SNE Research forecasted, “Due to the recent slowdown in electric vehicle demand, Tesla’s Shanghai factory has reduced production, and with tariff increases in Europe, poor sales are expected to continue.”
Volkswagen Group, which includes Audi, Porsche, and Skoda, also recorded a 0.5% decline compared to the previous year, ranking second. Hyundai Motor Group ranked third, selling approximately 309,000 units and experiencing a 4.7% decline compared to the same period last year. Although sales of key models Ioniq 5 and EV6 showed sluggish performance compared to the previous year, global sales of the EV9 are expanding.
By region, the European electric vehicle market recorded a growth rate of 1.6% from January to July this year. Although the growth rate is slowing, the market share in markets excluding China accounted for more than half.
In the European market, BMW (12.6%), Mercedes-Benz (20.0%), and Geely Automobile (22.3%) recorded double-digit growth rates compared to the same period last year. On the other hand, sales of Tesla, Stellantis, and Renault decreased.
During the same period, electric vehicle sales in the North American region recorded a growth rate of 9.3%. While Tesla’s sales are declining, sales of Hyundai Motor Group, Stellantis, and Ford increased. Hyundai Motor Group recorded the second-highest sales in the North American region, following Tesla.
The European Union (EU) plans to impose a tariff rate of up to 46.3% on electric vehicles produced in China starting this November. In response, Chinese electric vehicle companies such as BYD, Xiaopeng, Chery Automobile, and Geely Automobile are reportedly pushing to establish local production facilities in Europe.
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