Last Year’s Electric Vehicle Market Share Increased Only for Chinese Companies

SNE Research, Global Electric Vehicle Deliveries from January to November Last Year

Last year, the market share of Chinese companies in the global major electric vehicle (EV) market increased. This contrasts with the decline seen among other automakers.

According to data compiled by market research firm SNE Research on global EV deliveries from January to November last year, approximately 15.59 million electric vehicles were delivered to customers across 80 major countries during this period. This figure, which includes plug-in hybrid electric vehicles (PHEVs), represents a 26% increase compared to the same period a year earlier.

By company, China's BYD maintained its top position with 3.67 million units sold, marking a 43% increase over the same period. Its market share rose from 20.7% in 2023 to 23.6% last year. Tesla's sales declined to 1.58 million units during the same period, with its market share dropping from 13.1% to 10.2%.

BYD vehicles are displayed at the Thailand International Motor Expo held in Thailand last November. Photo by Yonhap News

In China, BYD's Song, Seagull, and Qin models sold well, while overseas, the Atto 3, Atto 4, and Dolphin were popular. BYD's lineup includes both battery electric vehicles and PHEVs, which has helped mitigate the impact of the EV market chasm (temporary demand stagnation). Additionally, BYD has expanded its portfolio by marketing vehicles under separate brands such as Denza, Yangwang, and Fangchengbao, tailored to specific vehicle characteristics.

SNE Research stated, "With price competitiveness securing market leadership and flexible, vertically integrated supply chain management adjusting profits to cope with rising tariff barriers, global sales are expected to continue growing steadily."

The third place was taken by Geely Group, China's largest private automaker, which sold about 1.23 million units, a 59% increase over the same period. Its market share rose by 1.7 percentage points to 7.9%. Geely is mainly targeting the mid-to-high-end market by continuously launching sub-brands such as Galaxy and Lynk & Co.

SAIC Motor delivered around 900,000 units, ranking fourth. Volkswagen Group followed closely with 890,000 units, and Chinese company Changan sold about 600,000 units, placing fifth and sixth respectively. Hyundai Motor and Kia sold 510,000 units, ranking seventh, while BMW ranked eighth with 470,000 units. The top 10 companies accounted for more than 70% of all electric vehicle sales.

Market shares increased mainly among Chinese companies such as BYD, Geely, Changan, and Li Auto. In contrast, non-Chinese manufacturers like Tesla, Volkswagen, Hyundai Motor and Kia, BMW, and Stellantis all saw declines. Despite concerns about the EV market chasm (temporary demand stagnation) emerging in various regions, sales remained strong in China.

Deliveries of electric vehicles within China exceeded 10 million units, accounting for about two-thirds of the global market. In Europe, EV sales actually declined. Industry analysts attribute this to the relaxation of Euro 7 regulations and the imposition of tariffs on Chinese-made electric vehicles, which weakened incentives for EV purchases.