Hyundai Motor Group's EV sales surge 25% in H1, growing at 4 times global rate

Hyundai Motor Group posted standout growth in the global electric vehicle market in the first half of this year, outpacing most major automakers and lifting its market share. Analysts attributed the gains to a recovery in European sales and rising EV demand across Asia outside China.

According to SNE Research, Hyundai Motor Group delivered about 370,000 electric vehicles — including battery EVs and plug-in hybrids — globally from January through June, a 25.3% increase from the same period last year. Its market share expanded from 3.1% to 3.7%, placing the group among the top performers by growth rate among major global automakers.

SNE Research said the rebound in European sales and growing EV demand in Asia outside China were the primary drivers of Hyundai Motor Group's growth.

However, the group slipped one place to eighth in the global rankings after China's Chery Automobile sold about 383,000 units to claim seventh.

Total global EV deliveries in the first half reached about 9.91 million units, up 5.5% from a year earlier. Growth varied sharply by region: Europe and Asia outside China led the expansion, while China and North America lagged.

Europe delivered about 2.53 million units, up 29.0% year on year, with its market share rising from 20.9% to 25.5%, driven by tighter emissions regulations, new model launches and government EV incentive programs. Asia outside China recorded the fastest growth, with deliveries surging 75.8% to about 933,000 units, fueled by new model introductions, expanded local production and EV promotion policies in South Korea, India and Southeast Asia.

China, the world's largest EV market, saw deliveries fall 9.5% to about 5.31 million units, with its market share shrinking from 62.4% to 53.6%. North America was the weakest major region, with deliveries dropping 20.5% to about 681,000 units.

Among automaker groups, BYD held the top spot with about 1.50 million units delivered, though its sales fell 20.7%. Second-place Geely slipped 0.3% to about 982,000 units. Tesla grew 16.3% to about 838,000 units, expanding its share, while Volkswagen rose 3.7% to about 670,000 units.

SNE Research said the pace of China's demand recovery, the impact of the expiration of the US EV tax credit and whether Europe can sustain its growth momentum will be the key factors shaping the global EV market in the second half. It added that each automaker's speed of localization and price competitiveness will be the critical variables determining market share shifts in the months ahead.