Global electric vehicle market excluding China grew 30.5% from January to July

(Seoul = Yonhap News) Reporter Hong Gyu-bin = The number of electric vehicles delivered in the global market excluding China from January to July of this year increased by about 30% compared to the same period last year.

According to market research company SNE Research on the 10th, the total number of electric vehicles delivered to countries around the world other than China from January to July was 5.434 million units, a 30.5% increase compared to the same period last year (4.165 million units). These statistics include pure electric vehicles (BEV) and plug-in hybrid vehicles (PHEV).

Compared to the overall global market growth rate (6.3%), including China, over the same period, SNE Research analyzed that the center of gravity of electric vehicle growth is moving out of China.

By group, Volkswagen maintained first place with 740,000 units, up 5.4%, and Tesla ranked second, with 677,000 units, up 27.2%.

Hyundai Motor Group increased by 24.8% to 441,000 units, but was pushed down by BYD (594,000 units, 84.3%↑) and fell one place from 3rd place last year to 4th place.

China's Geely rose to 5th place with a 55.5% increase to 361,000 units, and Cherry jumped to 8th place with a 348.6% increase to 243,000 units, surpassing Renault-Nissan-Mitsubishi and Toyota.

By region, Europe maintained its position as the largest market, increasing 29.2% to 2.966 million units. Asia (excluding China) surged 77.0% to 1.114 million units, increasing its market share from 15.1% to 20.5%.

On the other hand, North America decreased by 22.7% to only 790,000 units. This can be interpreted as the effect of the end of the eco-friendly car tax credit based on the Inflation Reduction Act (IRA) in September last year.

SNE Research predicted, "In the second half of the year, the market share structure of the non-Chinese market will be determined by whether growth in Europe continues, how long the incentive gap in North America lasts, and how quickly Chinese companies' localization in Asia expands."