South Korean media: BYD dominates the global electric vehicle market, and Xiaomi beats Hyundai!

On June 9, a South Korean media "Everyday Economy" published an article stating that Chinese enterprises are rapidly increasing their share in the global new energy vehicle market.

According to statistics from market research company TrendForce, global new energy vehicle sales reached 4.02 million units in the first quarter this year, an increase of 39% year-on-year.

In the global pure electric vehicle market, BYD, a Chinese electric vehicle company, ranked first with a 15.4% share in the first quarter this year. Tesla, an American electric vehicle company, followed closely with a 12.6% share. Geely ranked third.

Xiaopeng ranked sixth, and Xiaomi, which ranked eighth, entered the top ten with only one model, SU7, with a 2.8% share. Hyundai Motor ranked tenth with a 2.4% share.

Among non-Chinese car manufacturers, Volkswagen's sales increased by 41% year-on-year, ranking fifth. Analysts believe that growth in the Western European market offset the sluggishness in the Chinese market.

BMW ranked seventh but still performed poorly in the Chinese market. Hyundai Motor ranked tenth thanks to its growing momentum in the US and European markets. Hyundai Motor is seeking to expand its investment strategy in the US to mitigate the impact of tariffs.

In the hybrid vehicle market, BYD ranked first with a 38.7% share. Geely rose to third place, with its Galaxy series sales increasing by 61% month-on-month and 158% year-on-year.

However, not all Chinese companies have made progress. Huawei's hybrid vehicle sales decreased by 47% year-on-year and fell to seventh place.

Trendforce stated, "Global new energy vehicle sales will reach 19.47 million units this year, an increase of 19.6% year-on-year," and added, "Although the performance in the first quarter was strong, sales in markets affected by tariffs may be severely impacted, especially high-end electric vehicles."

Original article: https://www.toutiao.com/article/1834417592009728/

Disclaimer: This article represents the views of the author only.