Global EV Market Outside China Grows 21% in January... BYD Chasing Volkswagen

Hyundai Motor and Kia Rank Fourth

BYD is rapidly increasing its market share in the global electric vehicle market outside of China. There are now three Chinese companies among the top 10 groups.

According to SNE Research, as of January, global electric vehicle deliveries excluding China reached 572,000 units, up 21.2% compared to the same month last year.

BYD has signed an official partnership with Manchester City FC. BYD

Volkswagen Group sold 88,000 units, an increase of 8.1% year-on-year, achieving a market share of 15.3%. Sales of MEB platform-based models such as the ID.4 and ID.7 remained stable, especially in the European market, and the supply of new models based on the PPE platform is gradually expanding.

BYD sold 67,000 units, up 118.6% from the same month last year. In Asia (excluding China), sales increased by 124.8%, while in Europe, the growth rate reached 126.6%, demonstrating rapid expansion. Analysts say this performance reflects the company’s strategy to reduce dependence on the Chinese domestic market and increase its presence overseas.

Tesla, ranked third, sold 53,000 units, an increase of 8.4%. Stable sales of Model 3 and Model Y in North America and Europe, along with the expansion of standard entry-level trims, are considered to have contributed positively.

Hyundai Motor and Kia sold 38,000 units, up 4.9% from the same period last year. However, their market share slightly decreased to 6.7%.

SNE Research stated, "The European electric vehicle market continues to see double-digit growth, showing the most stable trend. Despite discussions on subsidy reductions and policy adjustments, the structural direction toward electrification remains intact, as carbon emission regulations and automakers’ average emission management policies persist."

Regarding the North American market, the research company said, "Since the end of the electric vehicle tax credit, the increased price burden has led to a rapid slowdown in electric vehicle demand." It explained that "as consumer preferences shift back toward internal combustion engine and hybrid vehicles, major automakers are slowing the expansion of their electric vehicle lineups, and are moving toward hybrid and extended-range electric vehicles (EREVs), which is a factor limiting demand for electric vehicles." As for Asia (excluding China), the report assessed that the automakers’ ability to adapt to changes in local production requirements and support schemes will determine whether growth can be sustained in this market.

This content was produced with the assistance of AI translation services.