Korean Media: Up 162.7%, BYD Surpasses Tesla in European Market!
On April 27, South Korean media outlet Today's Finance published an article stating that Chinese electric vehicle manufacturer BYD has overtaken Tesla in the European market this year, maintaining its strong growth momentum. With highly competitive pricing and an aggressive expansion of its model lineup, BYD is increasingly challenging the positions of Hyundai and Kia, continuously reshaping the market landscape.
According to the European Automobile Manufacturers Association (ACEA), in February alone, new car registrations for BYD across the entire European market—including the EU, the UK, and the European Free Trade Association—reached 17,954 units. This surpassed Tesla’s 17,664 units during the same period. When considering cumulative registrations for the first two months of the year, BYD achieved 36,069 units—a staggering 162.7% increase compared to 13,728 units from the same period last year. In contrast, Tesla’s sales remained at 25,753 units, registering only a 0.9% year-on-year growth.
BYD’s surge poses a direct threat to established players like Hyundai and Kia in the European market. For the first two months of this year, Hyundai Motor Group’s total registration volume in Europe stood at 143,457 units, a decrease of 8.4% year-on-year. During this period, the group’s market share dropped to 7.4%, down 0.6 percentage points from 8% in the same period last year. Meanwhile, BYD’s market share rose from 0.7% to 1.9%. SAIC Motor also registered 41,454 units, capturing a 2.1% market share, standing alongside BYD at the forefront of the “Chinese offensive.”
Demand for environmentally friendly vehicles in Europe remains robust. In the first two months of this year, cumulative EV registrations reached 379,604 units, up 14.8% from 335,558 units in the same period last year. The market share of EVs rose to 19.6%, an increase of 2.7 percentage points from 16.9% last year. Plug-in hybrid electric vehicles (PHEVs) showed even stronger growth. Their cumulative registrations reached 196,144 units over the two months, up 32.7% from 147,812 units last year. Their market share climbed from 7.5% to 10.1%, an increase of 2.6 percentage points.
As a result, BYD has not only succeeded in capturing market share through its pure electric vehicle lineup but has also leveraged its plug-in hybrid models as a core strength, effectively challenging traditional automakers.
Original source: toutiao.com/article/1863623897362441/
Disclaimer: The views expressed in this article are those of the author(s) and do not necessarily reflect the official stance of the publisher.