From Jan to Feb in 2024, Non-China Global[1] Electric Vehicle Deliveries[2] Posted 822k units, a 19.7% YoY Growth
- Tesla ranked No. 1 while Hyundai-KIA took 4th position in the non-China EV market.
From Jan to Feb in 2024, the total number of electric
vehicles registered in countries around the world except China was approx. 822k
units, posting a 19.7% YoY growth.
(Source: Global EV & Battery Monthly Tracker – Mar 2024, SNE Research)
If we look at the number of electric vehicles sold by OEM groups in the non-China from Jan to Feb in 2024, Tesla stayed at the top with an 8.7% YoY growth supported by steady sales of Model Y and 3. Once the delivery of Highland, the facelifted Model 3 begins in earnest, Tesla is expected to firmly capture the current top position. The Volkswagen Group, to which Volkswagen, Audi, and Skoda belong, ranked 2nd with a 10.8% YoY growth. The VW Group kept its upward momentum thanks to favorable sales of ID Series, Audi Q4, Q8 E-Tron, and Skoda ENYAQ. The 3rd place was taken Stellantis Group with a 23.6% growth, of which BEV and PHEV models, including Peugeot e-208, Jeep Wrangler 4xe, and Grand Cherokee 4xe, kept their solid sales.
(Source: Global EV & Battery Monthly Tracker – Mar 2024, SNE Research)
Hyundai Motor Group posted a -6.2%
YoY growth. While the sales of IONIQ 5/6 and EV6 were sluggish, the global
sales of new KONA Electric (SX2 EV) and EV9 expanded and the overseas sales of
Sportage and Tuscan PHEV also increased. Hyundai Motors unveiled ‘2024 Kona
Electric,’ ‘IONIQ 6 Black Edition’ and ‘The New IONIQ 5’ of which overall
commercial value was heightened with battery performance enhanced and
user-friendly features added. In addition, it unveiled its target of becoming
the global top 3 EV maker by investing 24 trillion won into electric vehicles
by 2030. KIA was reported that it would focus on taking the leadership in the
eco-friendly vehicle market by starting the overseas sales of EV9 and selling
mid- and small-size EVs – from EV3 to EV5 with price competitiveness. It was
known that KIA also wants to increase the profitability through the expansion
of car sales.
(Source: Global EV & Battery Monthly Tracker – Mar 2024, SNE Research)
By region, the European market posted 20.2% of growth, accounting for more than half of the non-China market share. This was mainly led by the favorable sales of local OEMs such as VW, BMW, and Mercedes. In North America, the growth was drive by high sales of Tesla and Stellantis JEEP brand. Among the entire EV sales of 266k units in North America, 115k units were made by Tesla, taking up approx. 43%. In Asia (except China), BYD and SAIC groups enjoyed a rapid increase in their sales in Thailand and South America, posting an 85.0% YoY growth in sales. The Chinese OEMs, such as BYD, MG, and Great Wall, have continuously been working on building their production lines in Southeast Asia and South America. In this regard, the market shares of Chinese companies in the non-China region are forecasted to expand, leading to oversupply not only in China but in the global EV market and thus causing the EV prices to plunge.
[2] Based on electric vehicles (BEV+PHEV) delivered to customers or registered during the relevant period