Global Electric Vehicle Market Grows 27%... BYD Ranks First, Hyundai Seventh

12.84 Million Units Registered from January to August

The global electric vehicle market grew by nearly 30% compared to last year, despite experiencing a temporary slowdown in demand, known as the "chasm."

According to SNE Research on October 14, the number of electric vehicles (including plug-in hybrids) registered worldwide from January to August this year reached 12,837,000 units, marking a 27.7% increase compared to the same period last year.

BYD of China maintained its position as the global leader in electric vehicle sales, with 2,556,000 units sold, up 14.1%. Its market share was 19.9%. The second place went to China's Geely Group, which saw a sharp 67.8% increase, selling 1,315,000 units for a 10.2% market share.

Meanwhile, Tesla in the United States recorded a 10.9% decrease, selling 985,000 units. Among the top 10 brands, Tesla was the only one to see a decline in sales volume.

The sluggish performance of its main models, Model Y and Model 3, was the primary factor behind the decline. By region, sales fell by 21.5% in Europe, 12.2% in North America, and 6.9% in China.

Hyundai Motor Group, which ranked seventh, continued its growth by selling 416,000 electric vehicles, a 12.9% increase. In the pure electric vehicle segment, the Ioniq 5 and EV3 drove the results, while small and locally targeted models such as the Casper (Inster) EV, EV5, and Creta Electric also received positive responses, according to SNE Research. In particular, Hyundai delivered 118,000 units in North America, ranking third after Tesla and GM, surpassing Ford, Stellantis, Toyota, and Volkswagen.

By region, China accounted for 63.0% of the entire electric vehicle market. Sales reached 8,094,000 units, up 29.0% from the same period last year. The European market grew by 32.0% to 2,561,000 units, with its overall market share rising by 0.6 percentage points to 19.9%. The North American market recorded 1,209,000 units, with a market share of 9.4%.

SNE Research stated, "While the electric vehicle market continues to grow, the regional disparities are widening. Europe and emerging Asian countries have maintained their recovery based on the introduction of new vehicles at various price points and distribution policies. However, North America is showing slower growth momentum due to policy shifts and strategic realignments."