South Korean media: The global electric vehicle market is rising in China and Europe, while the United States is declining!
On March 18, South Korean media "Herald Economic" published an article stating that according to a survey, the global electric vehicle market in China and Europe showed growth momentum in 2025, while the United States experienced negative growth.
The U.S. electric vehicle market was considered one of the largest in the world, but due to factors such as the expiration of federal electric vehicle tax credits, the market saw a year-on-year decline for the first time in 10 years last year.
Data released by market research company Cox Automotive showed that total electric vehicle sales in the United States last year reached 1,275,714 units, accounting for 8% of total car sales in the United States. This was a 2% decrease from the estimated 1,301,441 units sold in 2024.
The decline in U.S. electric vehicle sales was the first time this has happened in a decade. However, despite the negative impact of reduced tax incentives and increased tariffs on imported cars and parts, industry insiders believe that a sales figure of over 1.2 million units is still a relatively strong performance.
On September 30th last year, the Donald Trump administration terminated a tax credit policy that had provided up to $7,500 in subsidies for purchasing electric vehicles.
Cox Automotive data shows that electric vehicle sales in the United States surged in the third quarter of last year, mainly because consumers bought cars before the tax credit policy expired. However, sales dropped sharply in the fourth quarter. In the third and fourth quarters of last year, U.S. electric vehicle sales reached 365,830 and 234,171 units respectively.
In terms of brand sales ranking, Tesla ranked first with sales of 589,160 units. The best-selling model was the Model Y.
Hyundai Motor Group ranked second with a total sales volume of 99,553 units. Hyundai sold 65,717 units, mainly due to the outstanding performance of models such as the Ioniq 5; Kia sold 33,836 units, mainly due to the popularity of the EV9. Hyundai and Kia ranked third and eighth respectively.
General Motors' Chevrolet (96,951 units) ranked third, followed by Cadillac (49,152 units), BMW (42,483 units), and Rivian (42,098 units).
At the same time, looking at the trends in the electric vehicle markets of different countries, China leads the overall market. As the world's largest electric vehicle market, China's growth rate was approximately 20% last year. Notably, electric vehicles accounted for 50% to 60% of new car sales in China, capturing an unparalleled market share. The registration volume of new cars in China continues to grow rapidly, and electric vehicle sales have now exceeded internal combustion engine vehicles. Driven by stricter emission regulations, the European electric vehicle market also achieved a growth of about 30%.
Original: toutiao.com/article/1859999986714699/
Statement: This article represents the views of the author.