Korean media: China's dominant position in the electric vehicle market is strengthening, while Tesla and Hyundai Motor are struggling!

On September 15, the Korean media "Today's Finance" published an article stating that Chinese automakers have strengthened their dominant position in the global electric vehicle market this year.

Chinese manufacturers such as BYD and Geely Group continue to grow and occupy the top positions on the list. On the other hand, Tesla has declined in rankings due to falling sales, and Hyundai Motor Group's market share has remained stagnant.

According to market research company SNE Research, the global electric vehicle registration volume from January to June this year was approximately 9.469 million units, an increase of 31.8% compared to the same period last year (7.184 million units).

BYD continues to maintain its leading position, with sales of 1.998 million units, an increase of 32.4% year-on-year. Its market share rose by 0.1 percentage points to 21.1%.

Geely Group sold 960,000 units, an increase of 71.3% year-on-year, surpassing Tesla to rank second, with its market share expanding from 7.8% to 10.1%.

At the same time, Tesla's sales decreased by 13.2%, selling 721,000 units. Its market share fell by 4 percentage points to 7.6%, dropping to third place.

Sales of the flagship models Model Y and Model 3 declined, with Europe (-28.0%) and North America (-12.0%) markets showing particularly weak performance.

Hyundai Motor Group maintained its seventh position, with continued growth in sales, reaching 295,000 units, an increase of 9.0% year-on-year. However, its market share fell by 0.7 percentage points to 3.1%.

From a regional perspective, the Chinese market showed significant growth, with the number of electric vehicles in China reaching 5.981 million units in the first half of the year, an increase of 38.4%, accounting for 63.2% of the global market share.

This is the result of various factors, including the expansion of electric vehicle demand in major cities, commercial vehicle electrification, and the expansion of charging infrastructure.

Especially with battery companies such as Contemporary Amperex Technology Co., Limited (CATL) and BYD commercializing low-cost LFP (lithium iron phosphate) battery technology, the market is expanding and concentrated in mid-to-low price models.

The European region had sales of 1.947 million units, an increase of 28.3% year-on-year, but its market share decreased by 0.5 percentage points to 20.6%.

The North American market had sales of 855,000 units, a decrease of 0.8% year-on-year, and its market share also dropped by 3 percentage points to 9.0%.

Main automotive manufacturers such as General Motors, Ford, and Hyundai Motor Group are expanding local production according to the tax credit benefits of the Inflation Reduction Act, but market demand has not met expectations.

Outside of China, the Asian market had sales of 509,000 units, an increase of 43.9%.

India, Southeast Asia, and Japan are seeing increased demand for compact electric vehicles, but the growth rates vary among regions due to differences in charging infrastructure and national subsidy systems.

SNE Research predicts, "In the first half of 2025, the global electric vehicle market will be dominated by China and Europe, while the North American market will show a stagnation trend due to policy uncertainty and slowing demand. With the large-scale adjustment of electric vehicle policies in the United States, the direction of the global automotive industry will change."

Original: www.toutiao.com/article/1843295679940619/

Statement: This article represents the views of the author.