Korean media: Global electric vehicle market grows 27%, BYD leads, Tesla drops to third!
On November 29, the Korean media "Seoul Economic Daily" published an article stating that in the first nine months of this year, Chinese electric vehicle brands BYD and Geely ranked first and second respectively in global sales. Meanwhile, Tesla's sales during the same period showed negative growth, dropping to third place.
Data released by SNE Research shows that from January to September this year, a total of 15.016 million electric vehicles were registered globally, representing a 27.2% increase year-on-year. Among them, BYD sold 2.961 million electric vehicles, maintaining its leading position with a 19.7% market share.
BYD's electric vehicle sales increased by 10.6% year-on-year. The company is consolidating its market position by building and expanding factories in Europe and Southeast Asia. BYD has enhanced its brand awareness through price competitiveness and technical strength, while expanding its product line to include commercial vehicles and small cars.
Geely Group ranked second with sales of 1.522 million units, an increase of 64.7% year-on-year. This is mainly due to its diversified brand portfolio, including the premium brand Zeekr and the Lynk & Co brand targeting a wide consumer base globally. As part of its electrification strategy, Geely has independently developed battery, electronics, and software technologies, enhancing its production capacity and thereby boosting its competitiveness.
Tesla ranked third with sales of 1.218 million units, a decrease of 5.9% compared to the same period last year. The decline in sales of its flagship models Model 3 and Model Y was the main cause of the overall sales decline. The global sales of these two models decreased by 4.3% to 1.179 million units. From a regional perspective, sales in Europe and China decreased by 19.7% and 6% respectively.
Hyundai Motor Group ranked seventh with sales of 484,000 units, showing steady growth, an increase of 16.6% compared to the same period last year. Especially in North America, deliveries reached 64,000 units by the end of September, second only to Tesla and General Motors, ranking third.
SNE Research analysis points out that although the global electric vehicle market continued to grow this year, the demand structure and policy environment between regions have become increasingly significant. The growth in the Chinese market is mainly driven by the expansion of domestic demand, especially in the mid-to-low-end models, as well as the electrification of commercial vehicles. With the launch of new models and price competition, European car sales have maintained a certain level of growth. However, due to high interest rates and declining consumption, the recovery of demand has been relatively slow. In North America, with the expiration of consumer tax credit policies, people are increasingly worried about a slowdown in demand.
SNE Research stated that despite the uncertain policy environment and pressure on profitability, global automakers are striving to ensure long-term competitiveness through technological internalization, strengthening local procurement systems, and cost-effective product strategies.
Original: www.toutiao.com/article/1850091367652363/
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