Hyundai Motor Group Expands EV Market Share
The global electric vehicle market posted only single-digit growth amid the fallout from sluggish domestic demand in China, but Hyundai Motor Group recorded growth approaching 20%, expanding its market share.According to market research firm SNE Research, a total of 16.061 million electric vehicles
The global electric vehicle market experienced modest growth, driven primarily by strong demand in Europe and Asia excluding China, despite sluggish performance in China. According to SNE Research, a total of 16.061 million electric vehicles were delivered globally from January to September, marking a 5.8% year-over-year increase.
Deliveries outside China rose by 30.0% to 7.334 million units, contributing significantly to the overall growth. Hyundai Motor Group, a key player in the market, recorded a noteworthy 19.0% increase in deliveries, reaching 575,000 units and expanding its global market share to 3.6%. However, China's Chery and Leapmotor, with 654,000 and 610,000 units respectively, saw explosive growth, overtaking Hyundai Motor Group and securing the ninth position in the global sales ranking.
BYD, China's industry leader, maintained the top position with 2.565 million units, but its deliveries declined by 15.4% due to a sharp 32.9% drop in Chinese deliveries. Europe's market saw a 32.2% increase to 3.954 million units, while Asia excluding China surged 74.7% to 1.498 million units. The future of the global EV market hinges on China's domestic demand recovery and the impact of the European Industrial Acceleration Act on Chinese automakers' expansion and the supply of affordable electric vehicles.
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