Global electric vehicle sales exceed 20 million, with China emerging as the biggest winner

Korean Media: Global Electric Vehicle Sales Surpass 20 Million, China Emerges as the Biggest Winner!

On July 1, South Korean media outlet "Today Digital" published an article stating that global electric vehicle (EV) sales exceeded 20 million units last year, with one in every four new cars sold being an electric vehicle.

Data released by the International Energy Agency (IEA) shows that global EV sales surpassed 20 million units last year, reaching a record-high market share of 25% in the new car market.

In terms of vehicle fleet penetration, EVs now account for 5% of total vehicles. The IEA forecasts that global EV sales will exceed 23 million units this year and predicts that EVs will make up nearly 30% of the global new car market.

In major markets, growth in the United States has been relatively weak. EV sales in the U.S. account for less than 10%, and sales declined in the fourth quarter of last year. With automakers adjusting production levels and the reduction of the $7,500 tax credit incentive, demand slowdown is expected to continue into this year.

In contrast, China and Europe continue to maintain strong growth momentum. Last year, China sold 13.2 million electric vehicles, capturing a 53% share of the new car market. European EV sales rose by 30%, exceeding 4 million units, with a market share of 28%.

In emerging markets and developing countries, EV adoption has accelerated significantly. Last year, EV sales in these markets surged by 80%. Notably, a large influx of Chinese EVs has driven widespread adoption. In Mexico, EV sales doubled, with 85% of them imported Chinese vehicles. From 2020 to 2025, the U.S. EV market share grew from 2% to 10%; Nepal saw its share rise from 10% to 68%; Thailand increased from 1% to 23%; and Turkey went from 0% to 22%.

Market concentration has also intensified. A total of 630 EV models were sold last year, with five models—Tesla Model Y, Model 3, Geely Galaxy Star, Wuling Hongguang Mini, and BYD Dolphin—accounting for 20% of the market share. Average EV range remains stable at approximately 236 miles.

The gap in price competitiveness persists. In China, about 30% of EVs are priced below $20,000, while in the U.S., fewer than 20% of EVs cost under $40,000. However, even in the U.S., due to declining prices, the number of EV models priced under $40,000 has increased from fewer than 15 in 2024 to around 20 in 2025.

Original article: toutiao.com/article/1869477666792457/

Disclaimer: This article represents the personal views of the author.