BYD narrows gap with Tesla to 30,000 units

Hyundai Motor Group's market share edges down to 8.0%

Three Chinese groups hold combined 22.8% share

[Provided by SNE Research]
[Provided by SNE Research]

Global electric vehicle deliveries outside China rose nearly 30 percent in the first eight months of this year compared with the same period last year, with Asia and emerging markets posting sharp gains even as North America retreated.

According to market research firm SNE Research, deliveries of battery electric and plug-in hybrid electric vehicles in markets excluding China totaled 6.223 million units from January through August, up 28.9 percent from 4.829 million units a year earlier. The figure far outpaced the 5.9 percent growth rate for the global market as a whole, continuing a trend of demand shifting away from China.

The growth rate for August alone came in at 17.8 percent, below the cumulative pace. SNE Research attributed the slower August figure to a base effect from the previous year, when US buyers rushed to purchase vehicles ahead of the expiration of a tax credit.

Hyundai Motor's flagship electric SUV, the Ioniq 9 [Provided by Hyundai Motor]
Hyundai Motor's flagship electric SUV, the Ioniq 9 [Provided by Hyundai Motor]

By automaker group, Volkswagen held first place with 826,000 units, up 4.3 percent, though its market share fell 3.1 percentage points to 13.3 percent as its growth lagged well behind the market average. European deliveries rose 12.8 percent, but that gain was offset by a 72.7 percent drop in North America. Tesla maintained second place with 763,000 units, a 20.1 percent increase, while its share slipped 0.9 percentage point to 12.3 percent.

BYD surged 76.5 percent to 733,000 units, claiming third place and lifting its share 3.2 percentage points to 11.8 percent. The Chinese automaker delivered 246,000 units in Europe, up 76.5 percent, and posted a 54.7 percent gain in Asia. Its gap with second-place Tesla narrowed to roughly 30,000 units.

Hyundai Motor Group ranked fourth with 499,000 units, up 20.9 percent. Growth fell short of the market average, however, nudging its share down from 8.5 percent to 8.0 percent. Sales performed well in Europe and Asia, but a 23.4 percent decline in North American deliveries weighed on the group's overall result.

Chinese automaker groups stood out for their growth rates. Chery posted the steepest rise among the top 10 groups, surging 310.1 percent to 268,000 units, driven by its export brands OMODA and JAECOO, which helped multiply European deliveries to 4.6 times the prior-year level. Geely also grew 61.8 percent to 420,000 units. The combined market share of the three Chinese groups — BYD, Geely and Chery — climbed from 15.3 percent a year earlier to 22.8 percent.

A BYD electric vehicle charging station in Brazil. [AP]
A BYD electric vehicle charging station in Brazil. [AP]

By region, Europe remained the largest non-China market, with 3.31 million units delivered — up 29.0 percent — and a market share of 53.2 percent, unchanged from a year earlier. Major markets posted broad-based gains: Germany rose 39.7 percent, France 43.1 percent, the United Kingdom 31.5 percent and Italy 77.3 percent. SNE Research said government subsidies, emissions regulation compliance and the launch of affordable new models all supported demand.

North America contracted sharply, with deliveries falling 24.9 percent to 954,000 units. Its share dropped 11.0 percentage points, from 26.3 percent to 15.3 percent. US deliveries alone fell 31.4 percent. SNE Research said the decline reflected higher prices following the end of the tax credit, compounded by the discontinuation of some models and adjustments to production plans.

Asia was the fastest-growing region, with deliveries surging 77.0 percent to 1.301 million units, lifting its share 5.7 percentage points to 20.9 percent from 15.2 percent. South Korea posted an 81.3 percent increase to retain its position as the region's largest market, while India, Thailand, Vietnam and Indonesia each grew more than 50 percent. Other regions collectively jumped 156.4 percent to 658,000 units, doubling their share from 5.3 percent to 10.6 percent.

SNE Research said the competitive landscape in non-China markets through year-end will hinge on whether European subsidies continue to support demand, when the US market bottoms out, and how quickly Chinese automakers expand local production capacity.


eyre@heraldcorp.com