Korean Media: BYD's EV Market Share Exceeds 10% Threshold Outside China!
On September 11, South Korean media outlet NEWSIS published an article stating that in the first half of this year, Hyundai and Kia’s global electric vehicle market share outside China slightly declined to 8%.
Data released by market research firm SNE Research shows that excluding China, global EV deliveries reached a total of 4.598 million units in the first half of this year, up 30.3% compared to 3.529 million units during the same period last year.
Europe remains the largest market, but markets in Asia outside China and other emerging markets have led sales growth with higher growth rates.
In terms of manufacturers, Germany’s Volkswagen maintained its top position with sales of 635,000 units.
However, its sales growth rate significantly lagged behind the average 30.3% growth rate for markets outside China. Its market share also dropped by 2.9 percentage points from 16.7% to 13.8%.
U.S.-based Tesla ranked second with sales of 599,000 units, up 31% year-on-year. Its market share remained unchanged at 13.0% compared to last year.
China’s BYD ranked third with sales of 497,000 units, experiencing a substantial increase of 81.4%, and its market share rose from 7.8% to 10.8%.
This is largely due to its rapid expansion of sales networks into Europe, Southeast Asia, and Latin America beyond China.
Hyundai and Kia achieved a sales growth of 25.9%, reaching 370,000 units. However, because their growth rate was below the market average, their market share slightly decreased from 8.3% to 8.0%.
Although sales growth was driven by recovery in the European market and an expanded lineup of electric models, intensified competition for market share has emerged due to the rapid rise of large Chinese corporate groups.
Hyundai plans to launch the Ioniq 3 in the European market this year to meet demand for small electric vehicles.
Regionally, Europe remains the largest source of demand outside China, with sales reaching 2.528 million units, up 29.0% year-on-year.
In contrast, North America’s sales declined by 20.5% to 681,000 units, and its market share fell by 9.5 percentage points from 24.3% to 14.8%, as delivery volumes have been declining following the cancellation of EV purchase subsidies.
SNE Research stated: “The sustainability of growth in the European market and the pace at which Chinese brands advance their localization in Asian markets are expected to determine changes in market share outside China in the second half of the year.”
Original article: toutiao.com/article/1875997220351114/
Disclaimer: The views expressed in this article are solely those of the author.