7.52 Million Electric Vehicles Sold Globally from January to May... BYD and Geely Lead the Market

China Accounts for 62.7% of the Global Electric Vehicle Market

According to SNE Research on July 3, the number of electric vehicles registered worldwide from January to May this year reached 7.52 million units, representing a 32.4% increase compared to the same period last year.

BYD ranked first in sales, selling 1,586,000 electric vehicles, an increase of 34.8% year-on-year. Aiming for annual sales of 6 million units, BYD is establishing or expanding production facilities in Europe (Hungary, Turkey) and Southeast Asia (Thailand, Indonesia, Cambodia) to flexibly respond to changes in tariff and subsidy policies. However, there are growing concerns about the company’s financial soundness due to its rapid expansion and increasing debt levels.

Geely Group ranked second, selling approximately 793,000 units, a 77.3% increase from the same period last year. Tesla remained in third place, selling about 537,000 units, which is a 16.0% decrease year-on-year.

Hyundai Motor Group continued its steady growth, selling 242,000 electric vehicles, a 9.2% increase compared to the same period last year. In the battery electric vehicle (BEV) segment, the Ioniq 5 and EV3 led the performance, while newly launched models such as the Casper (Inster) EV, EV5, and Creta Electric?targeted at the compact and strategic segments?also received positive market responses.

In the plug-in hybrid (PHEV) segment, Hyundai delivered a total of 44,000 units. The Sportage, Sorento, and Santa Fe maintained solid sales momentum.

Additionally, Hyundai Motor Group delivered 64,000 units in the North American market, ranking third after GM and Tesla. SNE Research noted, "Although this represents a 23.3% decrease year-on-year in the North American market, it is significant that Hyundai continues to outperform major competitors such as Ford, Stellantis, Toyota, and Volkswagen."

In the global electric vehicle market, China recorded 4,718,000 units, a 39.2% increase year-on-year, accounting for 62.7% of the total market. The European market grew by 27.9% to reach 1,538,000 units, while the North American market saw only a 1.4% increase, reaching 714,000 units.

The Asian market, excluding China, recorded 412,000 units, a 44.9% increase, accounting for a 5.5% market share.

SNE Research evaluated, "China’s growth is driven by continued expansion of domestic demand for mid- to low-priced models, as well as increasing demand for commercial vehicles. Europe is showing signs of recovery, supported by the launch of new models and the validity period of subsidies. In North America, demand is slowing due to a shift in policy focus toward tax reductions. Emerging Asian countries are expanding their market base, mainly through low-priced models and distribution policies."