In Jan 2025, Global[1] Electric Vehicle Deliveries[2] Recorded Approx. 1.253 Mil Units, a 21.2% YoY Growth
- In Jan 2025, BYD ranked No. 1 in the
ranking of global EV sales, selling approx. 258k units
In Jan
2025, the number of electric vehicles registered in countries around the world
was approximately 1.253 million units, approx. 21.2% YoY increase.
(Source: Global EV and Battery Monthly Tracker – Feb 2025, SNE Research)
If we look at the global EV sales by major OEMs in Jan 2025, BYD ranked No. 1 in the world by selling 258k units and posting a 37.9% YoY growth. BYD continues its aggressive growth strategy in 2025, accelerating its expansion into the global market. This year, BYD has set a goal of maintaining its position as the world's top EV seller, aiming to achieve sales of approximately 6 million units. Additionally, BYD is expanding local production in key hubs across Europe and Southeast Asia to swiftly adapt to changes in tariffs and subsidy policies in each country. In particular, BYD is focusing on enhancing brand recognition in the European and Southeast Asian markets by emphasizing not only price competitiveness but also technological excellence. BYD's strategy goes beyond merely expanding sales; it is aimed at maximizing competitiveness across the entire electric vehicle ecosystem.
Geely Group, which ranked second, recorded a double-digit growth rate by selling 152,000 units, a 58.5% increase compared to the same period last year. Recently, the Star Wish (星愿) model has received positive feedback, supporting Geely's expansion of its electric vehicle lineup. Additionally, Geely Group operates a diverse range of brands, including the premium brand ZEEKR (极氪), the hybrid-exclusive brand Galaxy (银河), and LYNK & CO (领克), which targets the global market, allowing it to reach a wide consumer base. In particular, Geely is rapidly transitioning from internal combustion engine vehicles to electric vehicles while simultaneously strengthening its technological development and production capabilities. As a result, continued high growth is expected in 2025.
Tesla, which ranked third, saw a 15.0% decrease in sales compared to the same period last year, selling 91,000 units due to a decline in sales of its main models, the Model 3 and Model Y. In particular, in Europe, sales dropped by 45.9% compared to the same period last year, and in North America, they decreased by 2.1%, showing a sluggish trend in key markets. As a result, Tesla is aiming for 2025 to be a turning point, planning to launch a new affordable electric vehicle in the first half of 2025 to drive a rebound in sales. Additionally, Tesla is working on enhancing the performance of its Full Self-Driving (FSD) software and expanding its subscription-based services to strengthen its software-driven revenue model. Meanwhile, Tesla is improving cost competitiveness through enhanced production efficiency at its Texas Gigafactory and plans to establish a new plant in Mexico. Despite the intensifying price competition in the electric vehicle market, Tesla is focusing on securing long-term profitability.
(Source: Global EV and
Battery Monthly Tracker – Feb 2025, SNE Research)
Hyundai Motor Group sold approximately 37,000 electric vehicles, recording a 6.6% growth compared to the same period last year. The main models, IONIQ 5 and EV6, are driving the recovery in sales through improvements in product appeal via a facelift in 2025. Additionally, Kia's EV3 and EV9 are continuing to see increased sales in the global market. In particular, Hyundai Motor Group is showing strong performance in the North American market, surpassing the electric vehicle deliveries of Stellantis, Ford, and GM. At the recent '2025 Kia EV Day' held in Spain, Kia announced its new electrification strategy. At this event, Kia unveiled the compact electric sedan EV4 and the small electric SUV concept car EV2 for the first time in the world, showcasing its commitment to the popularization of electric vehicles. In particular, the EV2 is a small electric SUV aimed at the European market, and it is currently under development with a target release in 2026. This can be interpreted as Kia's strategy to strengthen its competitiveness in the European market.
(Source: Global EV and Battery Monthly Tracker – Feb 2025, SNE Research)
The Chinese market is a key region for electric vehicle adoption, and in January 2025, it grew by 24.1% compared to the same period last year, expanding its global market share to 63.1%. This growth is thanks to the strong electric vehicle support policies of the Chinese government, as well as the increased production and strengthened technological competitiveness of local brands such as BYD, NIO, and Xpeng. Additionally, the Chinese government's decision to maintain tax incentives for new energy vehicles and expand public and commercial electric vehicle charging infrastructure, even after the termination of electric vehicle subsidies, is playing a key role in sustaining growth.
Meanwhile, Europe, which experienced a decline last year due to the electric vehicle "chasm," showed a recovery with a 20.5% increase compared to the same period last year. A key factor driving this growth is the tightening of environmental regulations in Europe. As a result, the electric vehicle lineup is rapidly expanding, especially in the small electric vehicle segment, with manufacturers launching new models in line with this trend. Renault has launched the small hatchback "R5," Stellantis has introduced the "e-C3," Kia is focusing on the EV3, and Hyundai is strengthening its push into the European market with the Casper Electric (Inster).
The North American market grew by 10.9%, capturing a 10.5% share of the global market. Due to the tax credit benefits under the U.S. Inflation Reduction Act (IRA), major manufacturers such as GM, Ford, and Hyundai Motor Group are increasing their local production share in North America. However, with the Trump administration, which began in 2025, considering the abolition of mandatory electric vehicle sales targets, a reduction in electric vehicle subsidies, and the imposition of tariffs on battery raw materials, there is a potential for increased uncertainty in the market going forward. As a result, automakers must develop strategies that allow them to respond flexibly to policy changes, and it seems crucial to establish a balanced portfolio between internal combustion engine vehicles and electric vehicles.
The Asian market (excluding China) grew by 9.2%, achieving a 5.0% share of the global market. Major countries such as South Korea, Japan, and India are working to expand the electric vehicle market, but the relatively slower growth can be attributed to differences in electric vehicle adoption policies across these countries, as well as the strong presence of internal combustion engine vehicles and hybrid vehicles. Japan, with companies like Toyota and Honda, has adhered to a hybrid vehicle-focused strategy. However, recently, these companies have begun to launch pure electric vehicle (BEV) models in earnest, aiming to expand their market share. In India, Tata Motors, Mahindra, and other companies are increasing electric vehicle production, and the government is strengthening subsidy policies. However, the demand for internal combustion engine vehicles remains high, and the development of electric vehicle charging infrastructure is still in progress.
The electric vehicle market is rapidly growing in 2025, but there are contrasting trends across different regions. China is leading the market, driven by government support policies and aggressive production expansion, while Europe and North America are undergoing market restructuring amidst regulatory changes and protectionist trends. In particular, Europe is increasing electric vehicle demand by strengthening eco-friendly regulations, while in the U.S., electric vehicle companies are adjusting their strategies to expand local production and secure price competitiveness amidst policy uncertainties. In contrast, the Asian markets, such as Japan and India, are seeing a relatively slower spread of electric vehicles due to competition with existing internal combustion engine and hybrid vehicles. After 2026, it is expected that a new growth phase will emerge, driven by battery cost reductions and the expansion of new vehicle launches. As a result, electric vehicle manufacturers must secure price competitiveness while proactively responding to regional regulatory changes and subsidy shifts. Additionally, the expansion of autonomous driving and software-based revenue models is emerging as a key issue. Beyond simple vehicle sales, technological investments aimed at creating added value will also become an important challenge.
[2] Based on electric vehicles (BEV+PHEV) delivered to customers or registered during the relevant period