The global electric vehicle market excluding China showed a 7.1% growth from January to July this year compared to the previous year. Tesla continues to maintain its position as the top seller, but its market share dropped below 20% while experiencing negative growth compared to last year. According to market research firm SNE Research on the 9th, the global electric vehicle sales volume excluding China (including plug-in hybrids and commercial vehicles) reached 3,293,000 units from January to July, up 7.1% from the previous year. Tesla sold 630,000 units, accounting for 19.1% of the total and securing the top spot. However, Tesla’s sales volume decreased by 7.1% compared to the previous year, and its market share also dropped below 20%.
Tesla has maintained a market share in the 20% range in global markets excluding China for the past few years. According to SNE Research, the company held a market share of 20.4% in 2022 and 21.3% in 2023. SNE Research explained, “Tesla recorded negative growth as sales of Model 3 and Model Y, which account for 95% of Tesla’s electric vehicle sales, declined. Sales decreased by 12.2% compared to the previous year in Europe and 8.3% in North America.” SNE Research also forecasted, “Due to recent weak demand for electric vehicles, Tesla’s Shanghai factory has reduced production capacity, and with the increase in tariffs in Europe, sales are expected to continue to be sluggish.”
*Caption: Cumulative sales of electric vehicles excluding China from January to July 2024. Source: SNE Research*
Audi, Porsche, and Skoda, which are part of the Volkswagen Group, recorded a negative growth of 0.5% compared to the previous year, ranking second. Hyundai Motor Group took third place, selling approximately 309,000 units, experiencing a 4.7% decline from the same period last year. Although sales of flagship models such as Ioniq 5 and EV6 showed poor performance compared to the previous year, global sales of EV9 are expanding.
By region, the European electric vehicle market recorded a growth rate of 1.6% from January to July this year. Although the growth rate is slowing down, it showed a market share of over half in markets excluding China.
In the European market, BMW (12.6%), Mercedes-Benz (20.0%), and Geely Auto (22.3%) recorded double-digit growth rates compared to the previous year. On the other hand, sales of Tesla, Stellantis, and Renault decreased.
During the same period, electric vehicle sales in North America recorded a growth rate of 9.3%. While Tesla’s sales are declining, sales of Hyundai Motor Group, Stellantis, and Ford are increasing. Hyundai Motor Group ranked second in sales in the North American region after Tesla.
The European Union (EU) plans to impose tariffs of up to 46.3% on electric vehicles produced in China starting in November. In response, Chinese electric vehicle companies such as BYD, Xiaopeng, Chery Auto, and Geely Auto are reportedly pushing for the establishment of local production facilities in Europe.