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From Jan to Mar 2025, Global[1] Electric Vehicle Deliveries[2] Recorded Approx. 4.214 Mil Units, a 34.6% YoY Growth

- From Jan to Mar 2025, BYD ranked No. 1 in the ranking of global EV sales, selling approx. 875k units

From January to March 2025, the number of electric vehicles registered in countries around the world was approximately 4.214 million units, about 34.6% YoY increase.

 (Source: 2025 Apr Global Monthly EV and Battery Monthly Tracker, SNE Research)

From January to March 2025, BYD sold approximately 875k units of of electric vehicles, a 50.9% YoY increase, ranking first in global EV sales. Aiming to sell around 6 million units this year, BYD is actively responding to changes in tariffs and subsidies by establishing or expanding local plants in Europe (Hungary, Turkey) and Southeast Asia (Thailand, Indonesia, Cambodia). Leveraging its strong price competitiveness and technological capabilities, the company is enhancing brand recognition while strengthening its overall competitiveness across the EV ecosystem.

Geely Group ranked 2nd on the list by selling approximately 450k units, a 79.7% YoY increase, continuing its double-digit growth trend. The recently released ‘Star Wish (星愿)’ model has been well received in the market, supporting the expansion of Geely’s EV lineup. In addition, 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 the company to appeal to a broad consumer base. Geely is also accelerating its transition from internal combustion engine vehicles to EVs, while simultaneously strengthening its technology development and production capacity, which is expected to drive continued high growth in 2025.

Tesla ranked 3rd on the list, selling approximately 337k units, a 13.0% YoY decrease. The decline was mainly driven by weaker sales of its key models, Model 3 and Model Y. In particular, sales in Europe dropped by 34.2% YoY, while sales in North America declined by 8.1%, reflecting sluggish performance in major markets. The sales decline in Europe was largely due to halted production and inventory shortages ahead of the launch of the facelifted Model Y “Juniper,” and is considered a temporary issue. Tesla had planned to offset the downturn with the launch of a lower-priced model, but the production timeline has recently been delayed by at least three months, pushing the expected release to the second half of 2025 or early 2026. In parallel, the company is strengthening its software-driven revenue model by enhancing its Full Self-Driving (FSD) software and expanding subscription-based services. However, growing concerns over brand reputation—partly due to politically controversial statements by CEO Elon Musk—are raising questions about consumer trust, drawing attention to whether Tesla can regain its brand credibility.

 (Source: 2025 Apr Global Monthly EV and Battery Monthly Tracker, SNE Research)

Hyundai Motor Group sold approximately 139k units, an 11.5% YoY increase, continuing its stable growth in the global market. The facelifted versions of the IONIQ 5 and EV6 released in 2025 have improved product appeal, leading to a recovery in sales, while Kia’s EV3 and EV9 are also expanding their presence in global markets. Notably, Hyundai Motor Group outperformed Stellantis, Ford, and GM in EV deliveries in the North American market, marking a standout achievement. Kia has also unveiled the compact electric sedan EV4 and the small electric SUV concept EV2, signaling its strong commitment to EV mass adoption. The EV4, in its long-range version, offers up to 533 km of driving range per charge (WLTP standard), the longest among Hyundai Motor Group’s EVs, meeting the demand for long-distance driving. Alongside the EV4, the EV2 is being prepared for launch targeting the European market, as part of Kia’s strategy to strengthen its EV competitiveness in Europe.

 (Source: 2025 Apr Global Monthly EV and Battery Monthly Tracker, SNE Research)

By region, China remained the core market for EV adoption, with a 46.1% YoY growth from January to March 2025, expanding its global market share to 61.5%. This strong growth was driven by the Chinese government’s robust EV support policies, along with increased production and enhanced technological competitiveness of local brands such as BYD, NIO, and Xpeng. In addition, the government’s continued tax incentives for new energy vehicles even after the phase-out of purchase subsidies, as well as efforts to expand public and commercial EV charging infrastructure, have contributed to sustained growth in the market.

Europe showed signs of recovery, with EV sales increasing by approximately 22.8% YoY. The launch of new models such as Renault’s small hatchback EV “R5,” Stellantis’ “e-C3,” Kia’s EV3, and Hyundai’s Casper Electric (Inster) helped revitalize the market. Notably, BYD is constructing a Europe-dedicated plant in Szeged, Hungary, with an annual capacity of 200,000 units. Spanning 300 hectares, the facility is expected to become a key hub for BYD’s expansion strategy in the European market. Meanwhile, the EU has postponed the implementation of stricter CO₂ emission regulations to 2027, taking into account the burden on automakers. As a result, manufacturers will be allowed to meet the target based on the average emissions between 2025 and 2027—a move seen as an effort to balance the pace of EV transition with market realities.

The North American market grew by 6.6%, accounting for 9.8% of global EV market share. Thanks to tax credit incentives under the U.S. Inflation Reduction Act (IRA), major automakers such as GM, Ford, and Hyundai Motor Group have been increasing their local production in the region. However, growing uncertainty looms over the market as the Trump administration is reviewing potential rollbacks, including the elimination of EV sales mandates, reduction of subsidies, and the imposition of tariffs on battery raw materials. In response, automakers will need to adopt flexible strategies to cope with policy shifts, and building a well-balanced portfolio between internal combustion engine vehicles and EVs is likely to become increasingly important.

The Asia market (excluding China) grew by 30.8% YoY, accounting for 5.5% of the global market share. Although the growth trend continues, the rise has been relatively moderate due to differences in national policies and the strong presence of internal combustion engine and hybrid vehicles. Japan has traditionally focused on hybrid vehicles, but recently, new BEV models from Toyota and Lexus have been launched, indicating moves to expand the market. India is accelerating market growth with the government's aggressive EV promotion policies. The Indian government aims to increase the EV sales ratio to 30% of total vehicle sales by 2030 and is working to improve subsidy programs and expand charging infrastructure.

The global EV market is showing signs of overall recovery and growth, with varying trends across regions. In China, the transition toward an EV-centered market is accelerating, driven by strong government support and enhanced technological capabilities of local brands. Europe is experiencing a structural rebound, supported by the gradual tightening of environmental regulations and the growing presence of Chinese brands. North America has entered a transitional phase, marked by expanded production under the IRA alongside rising policy risks. In Asia (excluding China), the pace of EV adoption varies depending on differences in national policies and infrastructure readiness. Amid these conditions, automakers are intensifying efforts to secure an advantage in the global EV market through flexible, market-specific strategies, strengthened technological competitiveness, localized production, and diversified branding approaches.

[2] Based on electric vehicles (BEV+PHEV) delivered to customers or registered during the relevant period