According to SNE Research, from January to October this year, Tesla topped the global electric vehicle (EV) market share, excluding China. Hyundai Motor and Kia ranked third, falling below a 10% share for the first time in a year. Due to a global “chasm” or temporary slowdown in EV demand, the top four companies experienced negative growth compared to the previous year.
Tesla maintained its position with a market share of 19.1%, although this marks a 5.5% decline from the same period last year. This is attributed to declining sales of its primary models, Model 3 and Model Y, which dropped by 9.9% in Europe and 3.2% in North America.
Volkswagen Group came in second with a 12.6% market share, also experiencing a 1.3% decline. Despite the steady sales increases of models like the Audi Q4 and Q8 e-tron and hybrid models, the sales of key models ID.3, ID.4, and ID.5 fell short.
Hyundai and Kia, in third place, held a 9.3% market share, a decrease of 1.0 percentage points from the previous year. Though European sales of models like the Ioniq 5, EV6, and Niro EV fell short, global sales of the EV9 are growing. Notably, in the North American market, Hyundai and Kia outperformed Stellantis, Ford, and General Motors (GM) in EV deliveries.
The highest growth rate was observed in China’s BYD. BYD significantly increased its market share by selling competitively priced vehicles in emerging markets such as Southeast Asia and Latin America, including Thailand and Brazil.
An SNE Research representative stated, “Legacy automakers are adjusting to the slowdown in the EV market by strengthening their hybrid and internal combustion engine vehicle offerings. Meanwhile, Chinese companies that have aggressively invested abroad, including in emerging markets, are showing strong growth. For Korean manufacturers, uncertainties such as the relaxation of carbon regulations and the potential repeal of the U.S. Inflation Reduction Act make region-specific strategies and policies increasingly important.”