From January to May this year, recent data shows that Chinese automaker BYD has taken a leading market share in global sales of its electric vehicle (EV), outpacing its U.S. rival Tesla. Tesla came in second but with a slight decline in its market share than before. Meanwhile, South Korean automaker Hyundai and its sister company Kia secured the seventh place together.
According to local research firm SNE Research, BYD held a 20.9% share of the global EV market which includes plug-in hybrid vehicles and commercial vehicles, from January to May this year. The figure marks a growth rate of 22% compared to the same period in 2023, placing BYD at the top. BYD is the only automaker with a market share exceeding 20%.
An official from SNE Research explained, “Through competitive pricing, BYD is dominating the market in Europe, ASEAN countries, and South America. The sales of its pure EVs, excluding plug-in hybrids (PHEV), are about 554,000 units, surpassing Tesla.”
Tesla saw a decline in sales of its main models, Model 3 and Model Y, resulting in a negative growth rate of 8.8% compared to the same period last year. During this period, its market share shrank by 3.7%p to 11.1%. The auto industry attributes this decline to the delay in the launch of Tesla’s new cars.
Hyundai and Kia sold approximately 219,000 EVs from January to May this year, marking a 1% year-on-year increase. Although the sales of its flagship models Ioniq 5 and EV6 were sluggish compared to last year, Kona Electric and Niro EV showed robust sales. The global sales expansion of EV9 also contributed to the upbeat figure. The auto industry predicts that Hyundai Motor Group’s recently unveiled Casper Electric and EV3 will lead the popularization of EVs.
An official from SNE research emphasized, “As automakers delay their electrification plans due to the ‘chasm’ phenomenon (a temporary slowdown in demand before mass adoption), the aging of major EV lineups is accelerating,” adding, “It’s time to establish a strategy for expanding the new vehicle lineup suitable for the mass adoption of EVs.”
