Hyundai Motor Group posts fastest EV sales growth among major automakers in Jan.–May

Hyundai Motor Group recorded the highest electric vehicle sales growth rate among major automakers globally in the first five months of this year, according to industry data. Stronger sales in Europe and Asian markets outside China drove the gains, even as a slowdown in China weighed on overall global EV market growth.

SNE Research data released Tuesday showed Hyundai Motor Group sold about 303,000 EVs, including plug-in hybrids, from January through May — a 24.3 percent increase from the same period last year. The group's global market share rose 0.6 percentage points, from 3.3 percent to 3.9 percent.

That growth rate was the highest among the world's top automaker groups. Analysts attributed the performance to a recovery in the European market and expanding sales across Asia excluding China.

The global EV market as a whole continued to grow, but at a modest pace. Worldwide EV sales reached about 7.754 million units in the January–May period, up just 3.5 percent from a year earlier. Sluggish demand in China, the world's largest EV market, limited the overall expansion.

BYD retained the top spot among individual automakers, selling about 1.157 million units, but its sales fell 21.5 percent year on year and its market share dropped sharply from 19.7 percent to 14.9 percent. The slowdown in China's domestic market directly hurt BYD's results, and growth in overseas markets was not enough to offset the decline.

Geely held second place with about 779,000 units, down 3.9 percent, while Tesla sold about 601,000 units, up 9.9 percent — the most stable growth among the top three. Volkswagen also posted gains, selling about 542,000 units, up 2.5 percent, buoyed by the European market recovery.

Regional trends diverged sharply. China remained the largest single market with about 4.163 million units sold, but that figure represented a 10.4 percent decline from a year earlier, and China's share of the global market fell from 62.0 percent to 53.7 percent.

Europe surged 27.5 percent to about 1.988 million units, lifting its share from 20.8 percent to 25.6 percent. A wave of new model launches and electrification strategies from major automakers has cemented Europe's role as a key engine of global EV demand growth.

North America posted the steepest decline among major regions, with sales falling 27.6 percent to about 517,000 units. Policy uncertainty around EV incentives in the United States and softening consumer demand were seen as the main factors.

Asian markets outside China surged 75.0 percent to about 747,000 units, recording the highest regional growth rate, with market share expanding from 5.7 percent to 9.6 percent. Other emerging markets also jumped sharply, with sales of about 339,000 units representing a 139.4 percent increase, establishing them as a new growth axis for the industry.

SNE Research said that while China and North America are both posting double-digit declines, Europe, non-China Asia and other emerging markets are driving global demand expansion. "Automakers heavily reliant on China's domestic market have seen their growth slow, while those actively expanding overseas — including Hyundai Motor Group, Tesla and Chery — are delivering relatively strong results," the research firm said.

Looking ahead, SNE Research said whether China's domestic market recovers, how North American policy evolves, and whether demand holds up in Europe and non-China Asia will determine each automaker's earnings and market share. "The ability to expand local production and build out supply chains will be the decisive factor in global competitiveness," it added.