From January to May this year, China’s BYD led the global electric vehicle (EV) growth rate among the top 10 automakers, excluding the Chinese market. American automaker Tesla, despite experiencing negative growth, maintained its position as the market leader. Meanwhile, Hyundai and Kia’s market share dropped below 10%.
According to market research firm SNE Research, BYD’s EV growth rate outside of China for January to May this year compared to the same period last year was 168.8%, ranking first among the top 10 global automakers. The increase in sales was primarily due to competitive pricing, with notable growth in Thailand and South America exceeding 58% compared to the previous year. An SNE Research official said, “BYD is accelerating its sales expansion,” predicting, “The proportion of Chinese automakers in the European market will expand even faster.”
Tesla experienced a 12.8% decrease in sales compared to the same period last year, with declines in its flagship models, Model 3 and Model Y. The drop in sales was most significant in Europe and North America, where each saw about a 16% decline. A substantial decrease in Model 3 sales in North America also contributed to the overall reduction in figures.
Hyundai Motor Group remained relatively stable compared to the same period last year. While sales of flagship models Ioniq 5 and EV6 were sluggish,
The Kona Electric and Niro EV performed strongly, while global sales of the EV9 increased. The plug-in hybrid lineup, including Sportage and Tucson, also maintained steady sales. SNE Research predicts that Hyundai Motor Group will lead the popularization of EVs with its recently launched Casper Electric and EV3.
An SNE Research official noted, “A tariff war on automobiles has ignited as tariffs have been added to Chinese EVs in Europe following the United States.” As a response, Chinese EV companies are building local production facilities to bypass these barriers while opening new markets in South America and Australia. He added, “Brazil, the largest economy in South America, is attracting attention as a new emerging market as imports of Chinese cars have greatly increased.”
