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Global EV deliveries from January through May of this year reached 7,754,000 units, up 3.5% compared to the same period last year.
Although the overall growth trend continued, China, the largest market, saw a double-digit decline. Meanwhile, Europe, Asia (excluding China), and other emerging markets maintained strong growth, making the regional restructuring of the market even more pronounced.
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BYD retained its number one position with 1,157,000 units, but this represents a 21.5% decrease compared to the same period last year. Its market share also dropped significantly from 19.7% to 14.9%, weakening its market dominance. The decline in sales in the Chinese market had a direct impact, and the expansion into overseas markets was not sufficient to fully offset the drop in domestic sales. Geely also recorded 779,000 units, a decrease of 3.9%.
Tesla, on the other hand, achieved stable growth with 601,000 units sold, a 9.9% increase, and its market share rose from 7.3% to 7.7%. Volkswagen benefited from the recovery in the European market, posting a 2.5% increase to 542,000 units.
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Hyundai Motor Group recorded 303,000 units, up 24.3% year-over-year, with its market share rising from 3.3% to 3.9%. Recovery in the European market and expansion in non-Chinese Asian markets are considered to have driven this improved performance.
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By region, China posted 4,163,000 units, down 10.4% from the previous year. Its market share also fell from 62.0% to 53.7%, continuing to shrink its proportion of the global market.
Europe saw strong growth with 1,988,000 units, up 27.5%, expanding its market share from 20.8% to 25.6%. North America, however, recorded 517,000 units, a decline of 27.6%. This contraction is attributed to policy uncertainties in the U.S. EV market and weakening demand.
In contrast, Asia (excluding China) continued its robust expansion with 747,000 units, up 75.0%. SNE Research noted, “Growth polarization among regions has intensified,” adding, “Key variables going forward will be the recovery of domestic demand in China, policy changes in North America, and sustained demand in European and non-Chinese Asian markets.”
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It bothers me very much that Tesla is still in the game. I need them to perish. They did a lot for ushering in the EV era, but the crappy quality and the Nazism just need to go.