BYD and Geely Further Strengthen Their Lead
in the Global Electric Vehicle Market
Chinese companies are further solidifying their dominance in the global electric vehicle (EV) market.
According to SNE Research on June 5, the total number of EVs registered worldwide from January to April reached approximately 5,808,000 units, representing a 34.6% increase compared to the previous year.
BYD maintained its global leadership by selling about 1,242,000 units, a 43.2% increase from the same period last year. BYD, which has set a target of selling 6 million units this year, is establishing or expanding local factories in Europe and Southeast Asia to respond to changes in tariffs and subsidies.
Geely Group ranked second, selling 616,000 units, which represents a year-on-year growth rate of 79.4%. The company is targeting a broad consumer base with the success of its Star Wish (Star Wish·星愿) model, as well as its premium brand Zeekr and its Galaxy line dedicated to hybrids.
Tesla sold only 422,000 units, a 13.4% decrease from the previous year due to declining sales of the Model 3 and Model Y. In Europe and North America, sales dropped by 34.6% and 9.1%, respectively. In Europe, the main causes were production halts and inventory shortages in preparation for the release of the facelifted Model Y, codenamed 'Juniper.'
Although Tesla had planned to launch a new entry-level model, production has been delayed by at least three months. SNE Research analyzed that the brand image has also been damaged by CEO Elon Musk's political remarks, which is affecting consumer trust.
Hyundai Motor Group sold approximately 190,000 units, marking an 11.0% increase from the previous year. The Ioniq 5 and EV6 are set for facelifts, while Kia's EV3 and EV9 are also contributing to global sales growth. Notably, in the North American market, Hyundai Motor Group has outperformed Stellantis, Ford, and GM in some segments, demonstrating its competitiveness.
By region, China accounted for 62.2% of the global EV market. Major growth drivers include continued government tax incentives, expansion of charging infrastructure, and increased production by local brands. In addition, Chinese battery manufacturers are strengthening supply chain competitiveness by collaborating with major automakers.
Europe, with a market share of 20.9%, showed a recovery with 26.2% year-on-year growth. The launch of new models such as the Renault R5, Stellantis e-C3, Kia EV3, and Hyundai Casper Electric is driving the recovery in demand.
The North American market grew by only 4.0%, with its share remaining at 9.6%. Policy uncertainty is increasing due to the Donald Trump administration's reduction of subsidies and consideration of additional tariffs.
The Asian market excluding China grew by 37.1% year-on-year, but there were clear differences in the pace of adoption due to variations in policies and infrastructure levels across countries.
Japan is shifting away from a hybrid-focused strategy, with Toyota and Lexus moving to launch new BEV models. India has set a goal for EVs to account for 30% of vehicles by 2030, and is working to improve subsidy systems and expand charging infrastructure. In Southeast Asia, Thailand and Indonesia are emerging as EV production hubs, with governments offering incentives such as factory attraction and tax benefits.
SNE Research diagnosed that automakers are going beyond simply increasing sales, and are now competing for EV supremacy by responding to regional policy changes, diversifying brands, securing local infrastructure, and pursuing vertical integration strategies that include energy and software.
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