Non-Chinese EV Market Grows As Hyundai Share Slips
In the first half of this year, the global electric vehicle market excluding China approached 4,600,000 units, growing by more than 30% compared to the previous year. While Chinese automakers expand their strides overseas beyond the domestic market, Hyundai Motor Company and Kia Corporation slightly
The global electric vehicle market, excluding China, surpassed 4.6 million units in the first half of this year, marking a robust 30.3% growth compared to the previous year. Despite Chinese automakers expanding their reach, Hyundai Motor Company and Kia Corporation experienced a decline in market share as they lagged behind the market's average growth rate.
SNE Research highlighted that the non-Chinese market saw a total of 4,598,000 units delivered from January to June, dwarfing the 5.5% growth rate of the entire global market, including China.
Chinese manufacturers dominated the rankings, with BYD securing third place by selling 497,000 units, a staggering 81.4% increase from the same period last year. This surge propelled BYD's market share in the non-Chinese market by 3 percentage points, from 7.8% to 10.8%. Chery Automobile also made strides, delivering 201,000 units across its export brands Omoda and Jaecoo, a 350.7% increase year-over-year.
However, established powerhouses like Volkswagen Group and Tesla faced a slowdown in growth or a dip in market share. Volkswagen Group, the top-ranked automaker, sold 635,000 units, a 7.6% increase but saw its market share drop from 16.7% to 13.8%. Tesla maintained second place with a 31.0% growth, selling 599,000 units, but its market share remained steady at 13.0%.
Both Hyundai and Kia retained their fourth-place position with 370,000 units sold, a 25.9% increase year-over-year, yet their market share fell by 0.3 percentage points to 8.0%.
Regional performance varied significantly. Asia and Europe led the market, with Asia excluding China recording 933,000 units, a 75.8% surge driven by new vehicle launches in India and Thailand, and local production expansions. Europe saw a 29.0% growth, reaching 2.528 million units, capturing 55% of the global market. In contrast, the North American market struggled, with deliveries down 20.5% to 681,000 units, driven by factors such as the end of tax credits, high prices, and model replacements. This decline reduced the North American market's global share from 24.3% to 14.8%.
Written by urgent.news from BusinessKorea's reporting — not their text. Machine-written — it may contain errors, so check the original before relying on it.
