Hyundai Motor Group's EV Sales Up 25.3% in First Half... Market Share Rises to 3.7%

9.91 Million Electric Vehicles Delivered Worldwide
A 5.5% Increase from the Previous Year

Hyundai Motor Group's electric vehicle sales growth in the first half of this year significantly outpaced the global automaker average. This is interpreted as a windfall from the stagnation of the world's largest EV market, China, which resulted in a slowdown in the sales of Chinese automakers.

According to SNE Research on August 6, deliveries of electric vehicles (BEV and PHEV) by Hyundai Motor Group reached 370,000 units for the January–June period, representing an increase of 25.3% compared to the same period last year.

During the same period, overall global electric vehicle deliveries reached 9,906,000 units, increasing by 5.5%, meaning Hyundai Motor Group's growth was more than four times higher. The group’s market share rose from 3.1% to 3.7%.

However, the group's ranking fell by one notch from seventh to eighth, as it was overtaken by Chery Automobile, which delivered 383,000 units with a 29.7% increase.

BYD retained the top position with 1,496,000 units delivered, but this figure represents a 20.7% decrease from the previous year. Its market share also declined from 20.1% to 15.1%.

Geely Group maintained second place with 982,000 units, roughly the same as last year, while U.S. company Tesla increased its deliveries by 16.3% to reach 838,000 units, ranking third. Volkswagen secured fourth place with 670,000 units, up 3.7%.

This was followed by SAIC Motor with 591,000 units (up 13.2%), Changan Automobile with 418,000 units (up 3.4%), and Chery. Leapmotor, ranked ninth, posted the highest growth rate among the top 10 groups, surging 60.3% to reach 324,000 units.

By region, China remained the largest market with 5,308,000 units sold, but this figure marked a 9.5% decrease. Its market share shrank from 62.4% to 53.6%.

Europe grew 29.0% to 2,528,000 units, raising its market share from 20.9% to 25.5%. North America saw a 20.5% decline to 681,000 units.

Excluding China, the rest of Asia recorded explosive growth, with sales jumping 75.8% to 933,000 units and market share increasing from 5.7% to 9.4%.

SNE Research commented, "In the second half of the year, the pace of demand normalization in China, the impact of the expiration of U.S. tax credits, and the sustainability of growth in Europe will determine the market direction," and forecasted, "The speed of local adaptation by each company and price competitiveness will be the key determinants of market share changes in the second half of the year."

This content was produced with the assistance of AI translation services.