Last year, approximately 17.63 million new electric vehicles (EVs) were registered worldwide, a 26.1% increase over the previous year. This figure includes plug-in hybrid electric vehicles (PHEVs) and battery electric vehicles (BEVs).
Notably, more than 10 million electric vehicles were sold in China alone. Chinese automaker BYD topped the list with sales exceeding 4 million units.
According to SNE Research, BYD sold 4.137 million EVs last year, a 43.4% increase from 2023. BYD was the only company to exceed 4 million in sales, capturing a 23.5% market share, up 2.9% from the previous year’s 20.6%.
The report highlighted BYD’s strong market share with increased domestic sales in China and international demand for models like the Atto 3 and Dolphin. The company has successfully expanded into Europe, Southeast Asia, and South America, navigating tariff barriers while maintaining high growth.
Tesla secured the second spot, selling 1.789 million vehicles, down 1.1% from the previous year, due to decreased sales of its flagships, the Model 3 and Model Y. Notably, sales fell by nearly 10% in Europe and North America due to slowing demand for electric vehicles. However, Tesla is expected to see improved earnings this year, with plans to launch more affordable models and enhance its full self-driving (FSD) technology.
China’s Geely Group claimed third place with a 59.8% surge in sales, totaling 1.386 million vehicles. SAIC Motor Corporation followed in fourth with 1.0108 million units sold, up 12.2%. Volkswagen Group took fifth place, selling 999,000 cars, up 0.3%. However, Volkswagen’s market share decreased from 7.1% to 5.7% last year, dropping from third to fifth place.
Hyundai Motor Group ranked seventh, selling 550,000 units, a 1.8% decrease. Its market share dipped from 4% to 3.1%, as sales of its flagship Ioniq 5 and EV6 models were sluggish. Despite this, Hyundai is gaining ground by expanding global sales of its EV3 and EV9 models, especially in North America, outpacing Stellantis, Ford, and General Motors in EV sales.
Hyundai’s prospects are further bolstered by the operation of its new plant in Georgia and the eligibility of certain models for subsidies under the U.S. Inflation Reduction Act (IRA). While the second Trump administration has threatened to repeal the IRA or cut subsidies, Hyundai is expected to adapt and strengthen its position in the U.S. market.
Regionally, China dominated with a 39.7% increase, selling 11.622 million units. With a 65.9% share, it remains the world’s largest EV market and is the only country to exceed 10 million in sales.
European sales dipped 1% to 3.104 million units, representing a 17.6% market share. North America saw a 10.1% increase to 1.836 million units, capturing a 10.4% share. The rest of Asia, excluding China, experienced a 13.7% growth, with 762,000 units sold.
The report forecasts a potential slowdown in electric vehicle demand. Changes in EV mandates and tariff policies, particularly in the U.S., could affect the market. The approval of FSD technology is also expected to play a critical role in influencing EV sales. Additionally, China’s export-driven strategy may face pressure from the U.S. and Europe, potentially altering the global EV landscape.