BYD and Geely Sweep the EV Market as Tesla Falters

Chinese electric vehicle manufacturers are sweeping the global market as they expand exports to overseas markets such as Europe and Latin America in an effort to reduce their reliance on domestic demand. BYD and Geely have taken the top two spots in global electric vehicle sales, while Tesla has experienced negative growth and dropped in the rankings.

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According to SNE Research on November 5, a total of 15,016,000 electric vehicles (including battery electric vehicles and plug-in hybrid vehicles) were registered worldwide from January to September this year, marking a 27.2% increase compared to the same period last year. BYD maintained its top position by selling 2,961,000 units, achieving a 19.7% market share.

BYD's electric vehicle sales grew by 10.6% compared to the same period last year. The company is strengthening its presence by building new factories and expanding existing ones in Europe (Hungary, T?rkiye) and Southeast Asia (Thailand, Indonesia, Cambodia). While boosting brand recognition through price competitiveness and technological strength, BYD has also broadened its product portfolio to include commercial vehicles and compact cars.

Geely Group rose to second place by selling 1,522,000 units, a 64.7% increase from the same period last year. The company successfully targeted a wide range of consumers by building a diverse brand portfolio, including the premium brand Zeekr, the hybrid-exclusive brand Galaxy, and Lynk & Co, which is aimed at the global market. As part of its electrification strategy, Geely has enhanced its competitiveness by developing proprietary technologies in batteries, electronic components, and software, while also strengthening its production capabilities.

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Tesla remained in third place, selling 1,218,000 units-a 5.9% decrease from the same period last year. The decline in sales of its main models, Model 3 and Model Y, contributed to the overall drop in performance. Combined global sales of these two models fell by 4.3% to 1,179,000 units. By region, sales in Europe shrank by 19.7%, while sales in China declined by 6%.

Hyundai Motor Group ranked seventh, selling 484,000 units, which represents a 16.6% increase from the same period last year and demonstrates steady growth. In particular, the group delivered 64,000 units in North America ahead of the U.S. government's elimination of electric vehicle subsidies at the end of September, ranking third after Tesla and General Motors (GM).

SNE Research analyzed that the global electric vehicle market continues to grow this year, but differences in regional demand structures and policy environments are becoming more pronounced.

In China, growth is being driven by the expansion of domestic demand for mid- to low-priced models and the electrification of commercial vehicles. In Europe, although new model launches and price competition are supporting a certain level of sales growth, the pace of demand recovery remains moderate due to high interest rates and subdued consumer spending. In North America, concerns are rising over a slowdown in demand following the end of consumer tax credits.

An SNE Research official said, "Global automakers are working to secure long-term competitiveness by internalizing technology, strengthening local sourcing systems, and focusing on cost-efficient product strategies, even amid an uncertain policy environment and profitability pressures."

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