South Korean media: Global electric vehicle market grows by 34%, Japan remains sluggish!
On August 7, South Korean media Newsis published an article stating that global electric vehicle sales increased by 34% from January to May this year, accounting for 21% of the total new car market.
China and Europe led the growth with subsidy policies and new model launches, while Japan, despite expanded subsidies, saw a decline in sales.
The Korea Automobile Manufacturers Association (KAMA) recently released the "Current Status of the Global Electric Vehicle Market from January to May this Year," which shows that a total of 7.737 million electric vehicles were sold in the global market.
Pure electric vehicles sold 5.021 million units, an increase of 34.5%, while plug-in hybrid electric vehicles sold 2.716 million units, up 31.9%. The overall penetration rate of electric vehicles was 21.1%, meaning that two out of every ten new cars are electric vehicles.
By region, the largest market China sold 5.216 million units, an increase of 41.1%. The main factors contributing to the growth are the extension of incentive policies and the expansion of production by local brands such as BYD.
In Europe, where mass-market pure electric vehicles continue to expand, electric vehicle sales increased by 24.2% to 1.425 million units, while U.S. sales grew by 5.7% to 630,000 units during the same period.
On the other hand, Japan experienced a decline for the second consecutive year, despite expanded subsidies, with sales falling by 10.3% to 39,000 units. The reasons for the sales decline include insufficient new model launches, a drop in sales of main lightweight electric vehicles, and delayed charging infrastructure development.
Looking at companies, BYD continued to lead the market, with sales increasing by 44.8% to 1.96 million units; Tesla saw a sales decrease of 19% to 631,000 units due to declining sales in the U.S., China, and Europe.
Hyundai-Kia's sales reached 225,000 units, an increase of 17%, driven by domestic production in the U.S. and the launch of new models such as EV3, EV4, Ioniq 9, and Casper Electric.
This growth is interpreted as a result of government support policies, manufacturers' new model launches, and price competition.
Industry insiders emphasized that maintaining predictable incentives and policy consistency is key to ensuring that the adoption of electric vehicles is not just a passing trend.
However, despite initial growth, increasing policy uncertainty, market fluctuations, intensified global competition, and profit pressures are considered factors threatening the long-term sustainability of the electric vehicle market.
Original: https://www.toutiao.com/article/1839765968321536/
Statement: This article represents the views of the author.