Electric vehicle sales surged by about 20% as China continues to grow while Tesla faces a decline in sales
The global electric vehicle (EV) market is seeing a significant shift in 2024. Around 10 million EVs were registered worldwide from January to August, marking a 20.1% increase year-on-year. This figure includes both plug-in hybrids (PHEVs) and fully electric cars. While China’s BYD has solidified its position as the global leader, Tesla is struggling to maintain its hold, facing declining sales in key regions.
According to data from SNE Research released on October 8, BYD sold 2.205 million electric vehicles in the first eight months of the year, up 27.9% from last year, giving it a commanding 20.7% market share. BYD has expanded its dominance through a diverse range of models and sub-brands, with a particular focus on the booming Chinese market.
Tesla’s Slipping Market Share Raises Concerns
Tesla, still the world’s second-largest EV manufacturer, is facing increasing pressure as its flagship Model 3 and Model Y sales have fallen. In the first eight months of 2024, Tesla sold 1.104 million vehicles, a 5.8% decline from last year. The company’s global market share also dropped to 11%, down 3.1% compared to the same period in 2023.
Tesla’s struggles are particularly pronounced in Europe, where sales fell by 16.2%, and in North America, where sales dropped by 8.4%. Meanwhile, China’s Geely Group surged into third place in global EV sales, delivering 761,000 units, a 52.8% increase, solidifying its position both in China and abroad. Other top automakers, including Volkswagen Group, SAIC Motor Group, and Changan Group, continue to trail behind.
Hyundai Prepares for a Comeback with New Models
Hyundai Motor Group ranked 7th globally and saw a slight dip in sales, delivering 366,000 units, a 3.1% decline year-on-year. Its market share dropped from 4.5% to 3.7%, driven by an underwhelming performance from its flagship models, the Ioniq 5 and EV6. However, optimism remains high for the automaker, as the recently launched EV9 is expected to boost global sales, and deliveries of the new EV3 are set to begin soon.
Hyundai is also preparing to launch new models like the Ioniq 9 and EV4 in both the U.S. and European markets by the end of 2024. Industry analysts predict that Hyundai will bounce back quickly, benefiting from its competitors’ declining sales, including GM and Volkswagen.
China’s EV Market Dominates Despite Global Challenges
China continues to cement its status as the world’s largest EV market, with 6.258 million electric vehicles sold in the country alone—31.5% year-on-year growth rate. China now holds a 62.6% share of the global EV market, dwarfing the sales figures from other regions.
In contrast, Europe saw a 2.7% drop in EV sales, delivering 1.916 million units, while North America managed to grow its EV sales by 9.6%, reaching 1.163 million units. China’s success comes despite various challenges, including tariffs and geopolitical tensions. Meanwhile, other major regions are seeing slower growth due to reduced subsidies, high prices, and insufficient infrastructure.
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