Between January and November 2025, global electric vehicle registrations reached approximately 19.17 million units, marking a 22.9% increase compared to the same period in 2024 (Source: Global EV and Battery Monthly Tracker – Dec 2025, SNE Research).
| Rank | Group | 2024.01-11 | 2025.01-11 | Growth Rate | 2024 M/S | 2025 M/S |
|---|---|---|---|---|---|---|
| 1 | BYD | 3,674 | 3,690 | 0.5% | 23.6% | 19.3% |
| 2 | Geely | 1,251 | 2,014 | 60.9% | 8.0% | 10.5% |
| 3 | TESLA | 1,585 | 1,459 | -8.0% | 10.2% | 7.6% |
| 4 | Volkswagen | 903 | 1,225 | 35.7% | 5.8% | 6.4% |
| 5 | SAIC | 896 | 1,201 | 34.0% | 5.7% | 6.3% |
| 6 | Changan | 604 | 812 | 34.3% | 3.9% | 4.2% |
| 7 | Chery | 431 | 643 | 49.2% | 2.8% | 3.4% |
| 8 | Hyundai & Kia | 509 | 570 | 12.1% | 3.3% | 3.0% |
| 9 | BMW | 476 | 541 | 13.6% | 3.1% | 2.8% |
| 10 | LEAPMOTOR | 246 | 503 | 104.8% | 1.6% | 2.6% |
| – | Others | 5,021 | 6,510 | 29.7% | 32.2% | 34.0% |
| – | Total | 15,596 | 19,168 | 22.9% | 100.0% | 100.0% |
China’s BYD led the market with sales of about 3.690 million units, achieving a modest 0.5% year-on-year increase. In response to evolving tariff and subsidy policies, the company expanded production facilities in Hungary, Turkey, Thailand, Indonesia and Cambodia. These moves helped BYD maintain price competitiveness through localized manufacturing, while broadening its commercial and small-vehicle offerings alongside its core passenger BEV lineup.
Geely Group secured the second position with roughly 2.014 million vehicles sold, up 60.9% year-on-year. Geely’s success has been driven by the popularity of its Star Wish model and its multi-brand strategy—spanning premium ZEEKR, hybrid-focused Galaxy and the LYNK & CO label. After strong domestic growth, the automaker accelerated global expansion by raising brand awareness, boosting EV production capacity and integrating in-house development of batteries, electrical systems and vehicle software.
Tesla ranked third, delivering about 1.459 million units, an 8.0% decline. The downturn was driven by lower Model 3 and Model Y volumes, which fell 6.3% to 1.41 million units. Europe, China and North America each saw sales declines of 19.9%, 7.4% and 7.3%, respectively, partly due to the end of regional tax credits. Tesla continues to refine its Full Self-Driving functionality and explore software subscription revenues, but does not anticipate a significant sales rebound in the near term.
Hyundai Motor Group sold around 570,000 electric vehicles, up 12.1% year-on-year. Its BEV lineup was led by the IONIQ 5 and EV 3, supplemented by compact and strategic models such as the Casper (Inster) EV, EV 5 and Creta Electric. Plug-in hybrid sales reached 96 000 units. In North America, Hyundai delivered about 157,000 units—down 16.8%—but maintained third place behind Tesla and General Motors. The company is diversifying with new models like the EV 4 and IONIQ 9 while expanding local production to sustain profitability amid policy shifts.
Regionally, China accounted for more than 64% of global EV sales at 12.315 million units (+21.0%), though growth is cooling due to price competition and oversupply. OEMs are focusing on entry-level and commercial vehicles, overseas production and cost-efficient battery chemistries like LFP, LMFP and sodium-ion.
Europe’s EV market grew 32.8% to 3.75 million units, holding a 19.5% global share, but faces uncertainty from evolving regulations and delayed ICE phase-outs.
North America’s EV registrations were largely flat at 1.65 million units (+0.3%), with demand front-loaded ahead of tax-credit expirations and greater emphasis returning to hybrids and extended-range models.
Asia excluding China posted the fastest expansion at 54.8% growth with 1.091 million EVs, driven by entry-level offerings in India and production hubs in Southeast Asia.
As incentives moderate in mature markets, automakers are shifting from volume-driven growth to profitability, supply-chain resilience and price competitiveness. Future leadership will depend on operational efficiency and control of key EV components in a volatile regulatory landscape.
Source: SNE Research
