The number of electric vehicles registered worldwide from January to May this year was 5.642 million, an increase of 21.5% compared to the previous year. This is the combined figure of plug-in hybrid (PHEV) and pure electric vehicle (BEV). BYD maintained its global first place from the previous year, and Tesla took second place.
According to market research firm SNE Research on the 4th, BYD sold 1.177 million electric vehicles from January to May of this year, recording a growth rate of 22% compared to the same period last year, maintaining its No. 1 position in the electric vehicle market.
The analysis is that it has expanded its market share through various segments and sub-brands, focusing on the Chinese market, and has taken the lead in the market through price competitiveness in regions such as Europe, ASEAN, and South America, where local automakers are slow to electrify. BYD's pure electric vehicle (BEV) sales volume is approximately 554,000 units, surpassing Tesla's sales volume, which has a pure electric vehicle ratio of 100%.
Tesla ranked second, selling about 626,000 units, down 8.8% from the same period last year due to a decline in sales of its flagship models, Model 3 and Model Y. The analysis is that the gap with other companies is steadily narrowing as the cycle of new car launches is delayed.
Third place was China's Geely Group, which sold 439,000 units as of May. Geely Group's premium brand ZEEKR's ZEEKR 001 vehicle and Panda Mini, a compact electric vehicle, each sold more than 40,000 units in the Chinese domestic market, and this is the result of expanding market share in markets outside of China, led by Volvo and Polestar.
Hyundai Motor Group sold 219,000 units, a 1% increase. Sales of the flagship models, the IONIQ 5 and EV6, were sluggish compared to the previous year, but the Kona Electric and Niro EV performed well and the global sales of the EV9 expanded, quickly breaking away from last month's trend of negative growth.
Hyundai Motor Group is seeking a turnaround in the second half of the year through the launch of Casper Electric and EV3, which are equipped with batteries from HLI Green Power, an Indonesian joint venture with LG Energy Solutions.
By region, China maintained its position as the world's largest electric vehicle market, recording a market share of 60%. This is a 4.6% increase from the previous year.
Europe recorded 21.1%, down 3.4%. It is analyzed that the pace of electrification is being controlled due to the easing of Euro 7 regulations due to slowing demand for electric vehicles and concerns about reduced profitability of existing automakers.
North America recorded 12.1%, down 1.2% from the previous year. However, Tesla's Model 3 Highland has again been included in the Inflation Reduction Act (IRA) subsidy, and a facelift for Model Y and a new light electric vehicle project codenamed 'Redwood' are planned, so the North American electric vehicle market is expected to rebound again. There is a possibility.
Meanwhile, it is analyzed that due to the electric vehicle chasm phenomenon (temporary stagnation in demand), the electrification plans of automakers have been postponed, and the aging of each company's major electric vehicle lineup is in full swing. Accordingly, it is pointed out that it is time to establish a strategy to stimulate consumer spending and expand the new car lineup suitable for popularizing the electric vehicle market.