Tesla Slips, Geely Surges... Global EV Sales Reach 21.47 Million Units
by Oh Hyungil
Published 05 Feb.2026 10:55(KST)
Global EV Deliveries Up 21.5% Year-on-Year
As Tesla lost momentum in the global electric vehicle market last year, Chinese manufacturers raised their market share. BYD and Geely ranked first and second in electric vehicle deliveries, while Hyundai Motor Group fell by one place.
On February 5, SNE Research said global electric vehicle sales (measured by deliveries) last year totaled 21.47 million units, up 21.5% from the previous year.
On the 5th, SNE Research said that global electric vehicle sales (based on India) reached 21.47 million units last year, up 21.5% from the previous year. SNE Research
원본보기 아이콘BYD maintained its lead by selling 4.12 million electric vehicles, down 0.6% from a year earlier. It is strengthening its ability to respond to changes in tariff and subsidy policies by simultaneously building new plants and expanding existing ones, mainly in Europe (Hungary, Turkiye) and Southeast Asia (Thailand, Indonesia, Cambodia).
Geely Group sold about 2.22 million units, a surge of 56.8% from a year earlier, to rise to second place. The success of its "Star Wish (Xingyuan)" model drove volume growth, and the company is targeting a broad range of consumers based on a brand portfolio that includes the premium brand "Zeekr (ZEEKR)," the hybrid-only brand "Galaxy (Galaxy)," and "Lynk & Co (LYNK & CO)," which focuses on global markets.
SNE Research said, "The company is pushing a transition from an internal-combustion-engine-centered business structure to electric vehicles, while also accelerating in-house technology development and production capacity enhancement in key areas such as batteries, electronic components, and software. Its strategies of vertical integration and technological internalization are serving as a foundation for simultaneously securing cost competitiveness and product differentiation, and its potential to further strengthen its position in the global electric vehicle market is being rated highly."
Tesla delivered 1.63 million units, down 8.6% from a year earlier, and its ranking fell by one notch. Weak sales of the Model 3 and Model Y were the main factors dragging down overall performance. In Europe, deliveries fell 19.6% year-on-year to 270,000 units, and in China they fell 4.8% to 620,000 units, confirming simultaneous declines in its key markets. In North America, demand slowdown intensified following the end of consumer tax credits, and deliveries fell 12.8% from a year earlier to 570,000 units.
Hyundai Motor Group sold 610,000 units, up 11.4% from a year earlier. The Ioniq 5 and EV3 led the performance, while compact and strategic models such as the Casper (Inster) EV, EV5, and Creta Electric are also receiving positive responses in major markets. By contrast, existing core models such as the EV6, EV9, and Kona Electric showed slowing sales, and although SUV-centered models such as the Sportage, Tucson, and Sorento maintained solid momentum, some models including the Niro and Ceed recorded declines.
In particular, by delivering about 160,000 units in North America, the group maintained third place in sales behind Tesla and General Motors. SNE Research evaluated, "It is a meaningful achievement that, despite a 19.6% year-on-year decline in North America, the company is still outperforming major global competitors such as Ford, Stellantis, Toyota, and Volkswagen."
SNE Research analyzed that the global electric vehicle market is showing different trends by region, depending on differences in policy and demand.
China accounted for 13.8 million units (up 18.8%), taking a 64.3% share of the global market. It is being assessed that the previous phase of very high growth has weakened, as prolonged price competition overlaps with concerns about oversupply.
Europe accounted for 4.25 million units (up 34.9%), taking a 19.8% share. SNE Research said, "Rather than subsidies expansion or tighter regulations unilaterally driving up demand, demand has selectively increased for models that offer price competitiveness and a well-developed product lineup," adding, "As the timing for phasing out internal combustion engines is adjusted and moves to ease regulations emerge, policy uncertainty surrounding the transition to electric vehicles is re-emerging."
North America saw deliveries fall 5.0% year-on-year to 1.73 million units. With tax credits for eco-friendly vehicles having expired, there are growing concerns that demand could weaken further in the mid- to low-priced segments, where consumers are more sensitive to price. In response, automakers are increasingly trying to defend against risks by adjusting the pace of electric vehicle expansion and optimizing the diversification of powertrains, including hybrids and extended-range electric vehicles (EREV).
Asia excluding China recorded high growth of 58.5%, reaching 1.23 million units. In India, the spread of entry-level models and intensifying competition among local manufacturers are evident, while in Thailand and Indonesia, these markets are strengthening not only as centers of consumption but also as bases for production and exports. Other regions (including the Middle East, South America, and Oceania) also continued to grow, reaching 430,000 units (up 50.6%).
SNE Research said, "The center of gravity for electric vehicle market growth is shifting from China to a recovery in Europe and an expansion of the Asian market," adding, "This year, the market is likely to maintain a moderate growth trend, but regional volatility may actually increase."
It went on to say, "In Europe, the need for electrification investment and sales expansion could rapidly increase the number of mid- to low-priced models and locally produced units, while in North America, growth momentum could vary depending on the direction of tax incentives and regulations. The essence of global competition is expected to converge not on technological superiority, but on competition in cost, supply chains, and the speed of response to regulations."
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