By August this year, the global number of registered electric vehicles (EVs) has approached 10 million, marking a 20% increase compared to last year. However, while demand for EVs has slowed in Europe and the United States, China’s rapid growth has been the driving cause of global increase.
According to energy market analysis firm SNE Research, China’s cumulative EV registrations reached 6.258 million by August, a 31.5% jump compared to the same period last year. This pushed China’s EV market share to 62.6%. Chinese automaker BYD has been a significant player in this surge, selling 2.205 million vehicles, achieving a growth rate of 27.9%, making it the top seller of EVs globally. The sales of battery EVs, excluding plug-in hybrids, reached 980,000, closing in on Tesla’s sales, which consist entirely of battery EVs.
Tesla, now ranked second in global EV sales, experienced a 5.8% decline compared to last year, driven by the reduced demand for its Model 3 and Model Y. Sales dropped by 16.2% in Europe and 8.4% in North America. Thirdly, China’s Geely Group is rapidly expanding its market share outside China, particularly with Volvo and Polestar, and is experiencing rising demand for its premium brand, Zeekr.
Hyundai Motor Group sold about 366,000 vehicles, reflecting a 3.1% decline from last year. Models like the Ioniq 5 and EV6 slowed. The company hopes to rebound with new models like the EV9 and EV3.
Despite the global rise in EV registration, the slowdown in demand remains a concern. The shift toward EVs has lost steam outside of China, where the growth rate is 31.5%. Analysts suggest that the slowdown in EV demand and concerns over profitability among existing automakers lead to a more cautious approach to electrification. Factors such as reduced subsidies, high prices, and inadequate infrastructure also contribute to the slowdown.
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