Korean Media: BYD Claims Two Global Firsts in New Energy Vehicle Market
On October 1, South Korean media outlet Kyunghyang News published an article citing data from market research firm TrendForce, which shows that global sales of new energy vehicles reached 5.37 million units in the second quarter of this year, including battery electric vehicles, plug-in hybrid electric vehicles, and hydrogen fuel cell vehicles—a 10.4% increase year-on-year. When hybrid electric vehicles are included in the calculation, these four vehicle types accounted for 33.2% of total global car sales during the quarter, marking a record high for any single quarter.
Regional demand trends have also shifted significantly. Although China remains the world’s largest new energy vehicle market, its share of global new energy vehicle sales—56%—has declined from 66% in the same period last year, primarily due to weak domestic demand. TrendForce analysis notes: “Fewer automakers can now sustain growth relying solely on the Chinese domestic market; overseas sales, export capacity, and delivery performance have become key indicators of competitiveness among Chinese automakers.” In fact, in the first half of this year, BYD’s export volume accounted for 44% of its total production.
By vehicle type, BYD ranked first globally in pure electric vehicle sales during the second quarter. Despite a year-on-year decline in volume, the rate of decline narrowed compared to the previous quarter. Tesla maintained second place despite a 25% year-on-year increase in global sales. Chinese EV startup Zeekr made its debut in third place, largely due to its focused strategy targeting the domestic Chinese market. However, TrendForce notes that given Zeekr’s major shareholders—including Stellantis, which holds infrastructure assets in Europe—the company “possesses strong foundational conditions for expanding into international markets.”
Toyota ranked seventh, with a 143% year-on-year increase in sales during the second quarter. In contrast, Volkswagen fell out of the top ten for the first time in history in global pure electric vehicle rankings. Among Korean automakers, Kia was the only brand to enter the top ten, capturing 2.8% of the market and ranking sixth.
In the plug-in hybrid electric vehicle segment, BYD again led the market with a 30.9% share, further widening its lead over other manufacturers. The gap between most competitors was minimal—Cheetah Motors (8.1%) and Geely (7.7%), for example, were separated by less than one percentage point.
TrendForce assesses that Europe has become a critical strategic market for Chinese automakers. Even excluding Volvo, which has been acquired by Geely, Chinese brands collectively hold nearly 30% of the plug-in hybrid market in Western Europe.
TrendForce analysis states: “Consumer acceptance of Chinese automotive brands in local markets is rising significantly, indicating a weakening of the traditional competitive advantage long held by European automakers.”
Original source: toutiao.com/article/1877832521261322/
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