Hyundai Motor Group takes world’s No. 3 but its EV sales dip
Growth in the electric vehicle sector practically came to a halt last year as global EV sales excluding China increased by only 6.1 percent on-year, a report by SNE Research showed Friday.
According to the report, the number of EV registrations, including all-battery vehicles and plug-in hybrid models, was estimated at 6.01 million. Compared to the growth between 2019 and 2023, last year’s figure reveals how the EV market has seemingly hit a wall.
In 2023, 5.67 million EVs were sold across the world excluding China, up about 32 percent from 2022. The growth rates of EV sales in 2022, 2021 and 2020 were measured at approximately 26.6 percent, 77 percent and 74.9 percent, respectively.
Although Tesla maintained its top rank on the list of the world’s biggest EV sellers, it sold 1.13 million units in 2024, about 6 percent less than its sales figure for 2023. Tesla’s market share also dipped from 21.3 percent to 18.8 percent. Volkswagen also retained its second place by selling 787,000 EVs, up only 1.7 percent on-year.
Korean auto conglomerate Hyundai Motor Group saw its overall EV sales fall by 2.7 percent to 545,000 units last year, despite keeping the world’s third-biggest EV seller title.
“(Hyundai Motor Group’s) main models -- the Ioniq 5 and EV6 -- showed weaker sales compared to (2023) but Kia’s global sales of the EV3 and EV9 are expanding,” said SNE Research
“In particular, Hyundai Motor Group is showing strength in the North American market as its EV delivery amount is ahead of the numbers from Stellantis, Ford and (General Motors).”
Noting that the Korean automaker will begin full operation of its newly built EV-focused manufacturing plant in Georgia, Hyundai Motor Group Metaplant America, the report stated that Hyundai will be able to roll out at least five EV models in the US. This will enable the automaker to meet the requirements of the Inflation Reduction Act and receive government subsidies of up to $7,500 per EV purchase.
“However, as the second Trump administration has been openly declaring the removal of the IRA or a cut to (EV) subsidies, Hyundai Motor Group expects to react flexibly to changing policies and business environments and further solidify its place in the US market,” said the report.
The report highlighted that regions outside the US and Europe are showing double-digit growth in the EV sector, unlike the slowing spread of EVs in advanced markets. Original equipment manufacturers in China have been taking the lead in countries with a late start in the EV transition and ramping up the supply of EVs there.
The analysis showed that Chinese EV and battery maker BYD logged the biggest growth rate of 125.4 percent in 2024 among the top ten largest EV sellers’ list, excluding sales made in China. BYD sold 254,000 EVs last year and its market share went up to 4.2 percent from 2.0 percent in 2023.
hwkan@heraldcorp.com
